XBRL - eXtensible Business Reporting Language.
Many opinions exist on the value provided by this structured financial data that is required to be filed by public companies with their 10-Q and 10-K reports, as mandated by the SEC. There has been much discussion and debate on the cost vs. benefit analysis of this requirement to report certain financial data as a separate exhibit in a file format that’s only machine-readable. Limited at best, difficult to digest and seasoned with some risk for errors, it is no wonder the masses are not yet convinced about the benefits of XBRL and the availability of all this beautiful standardized data.
…but times are changing, indeed! Such is the nature of the current landscape.
But really, when has a ‘beta’ version ever achieved wild success and broad adoption?
Aha! …and there it is – iXBRL. INLINE XBRL – compact, sleek, intuitive and interactive. The ‘vision’ just needed to update its version, add some style to its packaging and make its consumption easy and palatable.
Inline XBRL transforms the reporting requirement by merging the data contained in a company’s XBRL exhibit with its respective HTML file into one single report. Not only does this decrease the risk of errors in reporting and increase efficiency of a company’s existing reporting process, but it also provides the opportunity to bring the data alive!
Imagine that you can now analyze data and read the contextual discussion of that data in the same document.
It is no wonder that since its introduction in 2016, more than 100 filers have already opted for voluntary filing under the Inline format.
But wait! There’s more…Envisioning the Vision.
If XBRL helps to frame the picture of a company’s financial information, then iXBRL adds the color that brings it to life.
In order to harness the true power of XBRL requires vision beyond the vision. A vision that takes the color picture of the narrative and instantly transforms it dynamically. Imagine a tool that can take you beyond the historical data and analysis thereof, beyond at-will customized interactive data – a tool that feels like a hyperlink to your own virtual reality of financial data (and more) where you can perform XBRL data validations and quality checks, review financial report disclosure requirements contained in FASB Codifications, and allows you to perform benchmarking analysis that identifies variances and anomalies in your data – before and after filing.
The vision for that tool is now realized. Please meet the idaciti Inline XBRL Viewer.