LAST CALL: Standards for New XBRL Formats Set to Go Final
XBRL International, the standards setter for digital business reporting, expects to promote new xBRL-CSV and xBRL-JSON formats to Recommended status within 90 days.
As part of a long-term strategic effort to modernise and simplify important aspects of digital reporting, the XBRL Standards Board this week voted to publish updated report format specifications at the Proposed Recommendation level.
The new specifications provide regulators with new options for both data collection and analysis, taking account of the need for higher volumes of data and the capabilities of modern analytics tools to consume new formats directly.
The xBRL-CSV, xBRL-JSON and xBRL-XML specifications form part of the Open Information Model strategic initiative and help ensure that developers and data scientists can use performance, compliance and other business reporting information more easily.
xBRL-CSV provides a compact reporting format that meets the needs of the increasing trend for granular data reporting, whereas xBRL-JSON exposes XBRL data in an easy-to-consume, developer-friendly format.
While there is absolutely no need for existing implementations to make changes as a result of the new specifications, they do provide regulators, data collectors and other XBRL users with an expanded set of tools for digital reporting. A number of very significant regulatory frameworks have already indicated their intention to make use of the new specifications.
Final comments on the new specifications are open for a period of 6 weeks from 4 August 2021.
XBRL software vendors are urged to consider how they will incorporate the new specifications into their offerings.
Regulators are encouraged to study the data collection and data analytics potential of the new specifications.
All stakeholders are encouraged to review the specifications during this LAST CALL period, and submit their comments no later than midnight UTC on Wednesday 15 September 2021.