Modernised, Simplified XBRL Specifications on Final Approach
The XBRL Standards Board has approved the publication of a new Candidate Recommendation of the xBRL-CSV, xBRL-JSON and Open Information Model specifications.
“This release marks a significant milestone in the maturity of these specifications,” said Mark Goodhand, Head of Research at CoreFiling and co-editor of the OIM specification, “The xBRL-CSV specification has evolved significantly to meet the requirements of the regulators seeking to use it, and we believe that it is now ready for software implementation.”
The Open Information Model (OIM) is a strategic initiative to modernise and simplify the XBRL Standard. It opens up XBRL to permit the use of a range of different formats. The OIM is accompanied by two new syntactic formats:
- xBRL-CSV, which is designed to meet the growing demand for high-volume, granular data with a compact and efficient representation, and
- xBRL-JSON which makes XBRL data much more accessible and easier to work with for many applications and developers.
At the same time, XBRL will always continue to support XML, the syntax that today’s projects utilise to prepare, validate and publish business reports in digital form. The OIM provides additional, interoperable, options.
With a growing number of regulators planning to use the new formats in their filing systems, we strongly encourage software developers to review these important new specifications and accelerate their software implementation in this area. Developers are encouraged to engage with the working group and collaborate on the final steps that will bring this significant body of work to Recommendation status.
The new specifications can be found on the XBRL International Specifications website.