What is iXBRL?

What is iXBRL?

XBRL stands for ‘eXtensible Business Reporting Language’, the format increasingly being adopted as the recognised standard for electronic filing of financial information. Relevant text and numeric data is tagged so that it can be machine read.

iXBRL (inline XBRL) answers a key challenge facing finance professionals and regulators wishing to use XBRL: how to provide a simple, non-technical format for businesses to file financial information online, so that both parties have easy access to the same underlying information.

CoreFiling devised and developed iXBRL and pioneered its introduction as an open, internationally-recognised standard. In 2011 HMRC in the UK was the first government agency to adopt iXBRL to simplify the introduction of online corporation tax filing. Today, an increasing number of regulatory authorities world-wide are mandating the format to handle the submission of on-line statutory reports.

The move towards financial reporting standards helps businesses to benchmark, analyse and scrutinise their financial performance and that of their peers, as well as providing equal transparency to both filers and regulators. Standards compliance is critical in combatting fraud and highlighting risk.

iXBRL specifications

CoreFiling’s XBRL credentials

CoreFiling’s directors and developers play active roles within the XBRL consortium, including key XBRL working groups. CoreFiling’s Executive Chairman, Philip Allen, is Chairman of the XBRL UK consultative committee, the local jurisdiction of XBRL International Inc. which promotes the usage of XBRL world-wide. For over 10 years, CoreFiling have delivered straightforward online filing solutions to regulators, accounting practices and businesses globally, underpinned by an uncompromising commitment to engineering excellence.