What can xBRL-JSON do for you?
xBRL-JSON is one of several new specifications to reach candidate recommendation status last week, part of the XBRL modernisation initiative.
It is already clear that in a post-covid world, decision makers at all levels will need more data.They’ll need that data to be accurate, comparable, and in many cases more timely. The process of simplifying and modernising the XBRL standards, already used throughout the world, turns out to be well-timed.
These specifications are considered suitable for implementation for review and need the input of many different perspectives and professionals.
The JSON syntax is a lightweight data interchange format and is supported by a huge number of existing web libraries and data analysis applications. It’s also easy to understand. xBRL-JSON allows you to represent business reporting data using this syntax, in a highly atomic manner, that lends itself to immediate use by a range of off the shelf tools and libraries.
Just two of the most obvious use cases?
- Regulators might find it helpful to experiment with approaches to publish their XBRL data as xBRL-JSON, both for use by internal analytic systems, and (for those that do) external publication of reports.
- Software professionals might find that xBRL-JSON provides a new way to serve up comparative information and supporting information inside their XBRL applications – as well as a convenient way to bridge XBRL data with a range of other information.
Need some other ideas or pointers? Catch up with our xBRL-JSON experiment from a few weeks back. Done some experiments of your own? Let us know! Read the spec, join the working group, provide your feedback!