What is iXBRL?
Inline XBRL (iXBRL) is an updated version of the eXtensible Business Reporting Language (XBRL) that allows for easier machine and human readability. iXBRL embeds the data-specific tags of XBRL into soft-copy web versions of reports while maintaining the original format. This allows for easy human readability as well as machine readable XBRL formatting all in one document.
Click here to view an example of iXBRL formatting.
As of June 13, 2016, the Securities and Exchange Commission (SEC) declared a voluntary filing period in which firms are able to file their financial statements to the SEC in iXBRL format. This voluntary filing period ends in March 2020, and will allow the SEC to weigh the advantages of iXBRL filing against the current dual-format filing system (firms are currently required to submit both HTML and XBRL formatted documents for proper web-viewability and machine processing purposes).
Click here to view the complete SEC Order.
XBRL vs. iXBRL
Inline XBRL is an updated version of XBRL formatting. Whereas XBRL is only machine readable, and must be submitted alongside a human readable document, iXBRL embeds XBRL tags directly into a human readable document. This makes the single iXBRL filing both machine and human readable.
What does iXBRL mean for me?
Submitting financial statements in iXBRL format is expected to be more cost-effective and less time consuming than traditional filing formats. As a leading filing agent, Colonial Filings Inc. now offers full service iXBRL filings.
The Inline Viewer software is available to the public here. This information is made available in an open-source format in an effort to stimulate creation of cost-effective services relating to iXBRL.
The latest EDGAR Filer Manual is available here. This manual provides a technical framework in a user-friendly format for working with iXBRL.
If you have any questions or would like a quote, please Contact Us.
Contact a sales representative to learn more about our iXBRL filing services at 877-285-8605 or by clicking above.