Setting the direction for the future of XBRL taxonomies
This week, XBRL International moved the Open Information Model (OIM) from concept towards implementation with the publication of XBRL Taxonomy Model Requirements 1.0, a first, structured statement of what an OIM-based taxonomy model must deliver. Edited by Technical Director Paul Warren and shaped by contributors from across the XBRL community (special shout out to Campbell Pryde for all his work), the document signals a major milestone in modernising how XBRL taxonomies are built, shared and, crucially, understood by the people and systems that rely on them.
The requirements describe a syntax-independent model for XBRL taxonomies, alongside a standard syntax for publishing them. Unlike the earlier OIM Report Model, which provided a simplified view onto existing XBRL reporting functionality, this initiative has a broader scope and is expected to introduce more substantive changes to taxonomy modelling. The focus is on making taxonomies easier to consume, more performant, more consistent, and better suited to modern use cases such as AI-enabled data analysis and AI-assisted report production.
At its core, the work is a recognition of the need to update and simplify the taxonomy functionality currently provided by the XBRL Standard, which is defined by a complex set of modules built on top of the XBRL 2.1 specification and closely tied to XML syntax. By defining clearer modelling approaches, stronger declarative constraints, and improved support for regulatory, tabular and record-based reporting, the OIM taxonomy model aims to reduce ambiguity and reliance on external filing manuals.
This requirements document lays essential groundwork to the OIM taxonomy development process. The OIM is a cornerstone of XBRL modernisation, ensuring taxonomies remain fit for regulators, preparers and data users in an increasingly digital and data-driven reporting environment.
Readers are encouraged to review the requirements document and provide feedback by mid February.
