XBRL prepares for its next chapter: simpler, smarter, AI-ready
Work continues on the next generation of the core XBRL specification. XBRL US recently explored what this new modernised technical specification means for the standard: it’s designed to be easier to learn, more intuitive to use, and tailor-made for the AI age.
Driven by the XBRL OIM Taxonomy Working Group, the new framework (for now, the “OIM Taxonomy specification”) aims to simplify the syntax, remove reliance on XML, and introduce object-level data modelling that is much easier for developers to come to grips with.
But this isn’t a break with the past. Rather, it’s an evolution. The new specification builds on 25 years of development, retaining what works while shedding complexity. Crucially, it’s designed to help machines understand data as easily as humans, a key shift as artificial intelligence takes root across the reporting chain.
The new specification is an exciting progression, ensuring the standard stays relevant, robust, and aligned with evolving technologies and data use. A public review on the baseline requirements is now open, offering stakeholders a chance to shape the next phase.
Stay up to date and have your say on the requirements here. Read Scott Theis’s blog on the XBRL US site here.
