In this article, I’m going to explain iXBRL, a new development of XBRL. I’ll also discuss its different components, including XML Schema, XLink, and XPointer. Hopefully, by the time you finish reading this article, you’ll know what these terms mean.
iXBRL is a development of XBRL
XBRL (extensible business reporting language) and iXBRL are two terms that are closely related. They were developed to provide companies with standardized financial reporting. Both have their own uses and benefits. iXBRL is more user-friendly and provides a machine-readable document. It is intended to assist companies with their SEC filing requirements while also providing a clearer financial picture for the public.
XBRL was developed to provide companies with a standard for electronic reporting of business information. This standard defines the structure of business reports by incorporating taxonomies that capture the meaning of individual reporting concepts. XBRL uses XML Schema and XLink to define its taxonomies. Each XBRL instance contains a collection of facts, known as items, that can be nested and referenced by other XBRL facts.
iXBRL is a development that merges the aesthetic benefits of a human-readable HTML file with the machine-readable XBRL instance document file. It is available through the EDGAR program, and it contains traditional financial statements that have embedded XBRL tagging information. The resulting document allows incadrators to create attractive financial reports that integrate machine-readable data.
iXBRL allows CFOs to view financial statements without the need to understand two separate documents. Unlike the XBRL format, which requires Excel output and an XBRL reader, iXBRL allows CFOs to read the tags in a single document.
The iXBRL format can be imported into any XBRL compliant processor, allowing for data to be used by analytics engines, stored in databases, and processed into new reports, while retaining links to the original information. Companies can file iXBRL to the SEC in the US and over two million companies in the UK file iXBRL reports annually to the HMRC.
It uses XML Schema
XBRL is a data warehousing format that includes an instance document and a Discoverable Taxonomy Set (DTS). The DTS specifies metadata for XBRL facts, which are expressed as an XML document. The XML document defines two types of facts: Items and Tuples. Item facts contain one value, while Tuples contain multiple values. Each Item is nested within an XBRL element.
XBRL was originally designed as a worldwide standard for electronic business reporting. To achieve this goal, XBRL introduced a tagging system that gives meaning to texts and symbols. In addition, XBRL uses XML Schema to describe the structure of business reports. It also provides a way for users to exchange semantics.
XBRL has a number of features that make it a valuable asset for financial reporting. For instance, the xsi:nil attribute only appears if the value is true. XBRL also provides a precision and decimals attribute, which are useful for identifying a numeric fact. Typically, the decimal value is a two-digit number, but it can also be a zero, three, six, or nine.
XBRL instances can be processed by non-XBRL aware processors. The xsi:schemaLocation attribute can allow non-XBRL aware processors to perform XML Schema validation on XBRL instances. However, the current guidance does not recommend using this attribute. Authors who wish to use this attribute should recognize that it is a hint that may be ignored by different XML parsers. Also, it is important to note that it is not a mandatory attribute.
It uses XLink
The XLink protocol defines a network of extended links. These links contain one or more resources and locators. XLink defines each of these elements with an XLink type and XLink role attribute value. The value of the role attribute will determine whether or not an extended link is part of a network.
XLink is a standard for linking concepts. It is based on XML and W3C standards. Its syntax is consistent with XML and the W3C specification. It also complies with the W3C standards for document structure and use. The XLink language is a compliant representation of XML, which uses the XML Schema, XPath, XPointer, XML Names, and XPath.
It uses XPointer
An XPointer is a fragment of XML that points to a specific XML element. The XML element must be an information item and have an id attribute. Otherwise, a shorthand pointer containing the value of the id attribute will be generated. The XPointer element scheme is used in the generation of shorthand pointers. To prevent the generation of shorthand pointers, use the force_element_scheme attribute.
It is an open standard
Currently, more than two million companies file documents in the IXPRL format, an open standard for documents in the financial industry. This format is widely used by machine readers and helps make financial accounts easier to understand. People who use this type of format also tend to be friendly and have good communication skills. They can relate to others and have a high work ethic.
IXPRLs do not take themselves too seriously, are good listeners, and adapt well to different environments. They also don’t take criticism personally, since they are more interested in what they need to achieve than how other people see them. They are known to be more creative than their peers and are very loyal to their families.
XBRL was created in 1998. In 2003, it was formalized as a standard. XBRL was originally a standardized way of communicating business information. It was modeled after taxonomies, which capture the definition of individual reporting concepts, as well as the relationships between them. Each XBRL instance represents a particular type of information. Early users of XBRL included banks, regulators, and tax-filing agencies. Today, all financial information is made available digitally through the EDGAR system.
The IXPRL is very easy to work with. They are charming, friendly, and don’t take themselves too seriously. They are also highly adaptable to different situations. They do not mind other people’s opinions and are attentive to what people want. They can improve the environment by facilitating communication.
