IXPRL is a global, freely available framework that allows for the semantic expression of business reporting. It is based on XML technologies and syntax. It enables business professionals to create, publish, and share reports. XBRL has been widely adopted by companies that need to make financial and other types of business reports.
IXPRL is compatible with the existing XBRL standard and can be used for the preparation of company financial statements, annual and quarterly reports, and computations. It is also compatible with existing financial reports, allowing for the creation of new reports while maintaining links back to the original information. Companies that are registered in the US can file their financial statements in iXBRL with the SEC. In the UK, more than two million companies file their financial statements with HMRC every year.
In addition to XBRL, IXPRL is compatible with HTML. The SEC hopes that the new standard will improve the quality of business data in corporate filings. The IXPRL format is cheaper to use, as it combines both markup languages. It also allows for simultaneous review of XBRL and HTML documents. It is a step toward greater transparency and ease of use for both parties.
While IXPRL has many benefits, it still requires some processing. To be usable, the data must be properly mapped. Third-party data providers map the data manually or clean it through machine learning. The first column of a financial report contains concepts. The second column consists of categories. These are called taxonomy, and the third column is called “key figures.” XBRL also allows for definitions.
In addition to increasing transparency, iXPRL is a cost-effective way for companies to file their financial statements. It also helps investors better analyze the data, enabling them to make educated decisions. However, companies must make sure they are in compliance with SEC regulations. Professional teams can help organizations stay in compliance with the new requirements.
XBRL is based on XML coding. It makes financial information machine-readable and makes it easier to consume. IXBRL also promotes consistency. It also requires that companies follow the US-GAAP and IFRS taxonomies, which help users compare financial statements across companies.
XBRL and iXBRL files are similar to each other, but IXPRL is machine-readable. The difference is in the way the data is tagged. In XBRL, the tags are grouped together and interpreted by computers. However,IXPRL files are more user-friendly and are easy to understand for non-technical people. It also eliminates the grace period between filings, so if you are familiar with XBRL, you can transition to IXPRL.
The first step is to make sure you are entering data accurately. It’s important to note that iXBRL software will not be able to compensate for human mistakes. Moreover, you must make sure to use taxonomies that allow efficient tagging of data. These taxonomies will be described in the Guide for Preparers and Developers.
Another important step is to learn more about IXPRL terminology. You can use an online IXPRL glossary to get a better understanding of how the tagging process works. By following these tips, you’ll be able to produce high-quality, human-readable documents. You will also enjoy a faster time-to-market turnaround. So, start using IXPRL today!
