CoreFiling welcomes approval of Inline XBRL specification. New method for clearly communicating performance information already being adopted
11 May 2010.
CoreFiling, the XBRL specialists, today welcomed the announcement by the XBRL International consortium that the final seal of approval has been applied to the Inline XBRL Specification.
CEO John Turner said “Inline XBRL is a substantial advance. It will help businesses large and small to communicate their performance externally and internally in an effective, timely and transparent manner. Inline XBRL combines the benefits of the ordinary web page with the unambiguous definitions that XBRL provides. It’s a whole new way of speaking clearly about business performance.”
As the inventor of Inline XBRL, CoreFiling has invested heavily in its standardisation, including much of the writing and editing.
Chairman Philip Allen, who is the Editor of the Specification, commented that “Inline XBRL has been embraced by major regulators, including HMRC, the UK’s tax authority. It is therefore very pleasing to see that XBRL International has now promoted the Specification to ‘Recommended’ status.”
“The process of collaborating across the community of vendors, end users, regulators, auditors and accountants has worked extremely well.”
He went on to say “The number of software vendors that have incorporated support for Inline XBRL grows on a weekly basis. These adoption efforts by vendors help confirm the importance and relevance of this new and intuitive way of communicating performance information with XBRL.”