XBRL or iXBRL? Make the right choice!
XBRL and Inline XBRL (iXBRL) are two different formats for structured, electronic business reports. These formats solve different business problems and reflect the broad range of reporting requirements that can benefit from the use of structured XBRL data.
XBRL or iXBRL? This one of the key decisions that data collectors need to make when planning to implement or upgrade their data collection platform to use the XBRL standard. The latest guidance from XBRL International should help in choosing the right solution.
The Implementation Guidance Task Force (IGTF), working under XBRL International’s Best Practice Board, has published draft guidance to explain which report format is best suited to different reporting scenarios.
The guide broadly classifies business reporting requirements into two categories, “open reporting” and “closed reporting“, reflecting the level of control that reporters have over the presentation and content of reports. The guidance discusses the characteristics of open and closed reporting, and how they match the features offered by iXBRL and XBRL.
The Task Force is actively seeking feedback on this guidance document, and would like to hear if there are considerations not discussed in the guidance that should be included in the selection of a solution. Please send your feedback and comments to the IGTF.