On March 1, 2017, the SEC voted to propose amendments related to the use of iXBRL, which were intended to improve the quality and accessibility of data submitted by public companies as well as mutual funds, who are using XBRL.
Before we discuss the details of iXBRL, we need to understand what it is. iXBRL (also known as Inline XBRL) is a entirely new format of the XBRL (eXtensible Business Reporting Language). iXBRL uses web based financial reporting while performing the financial tagging. It facilitates the reports in a way that it remains both human-friendly as well as machine readable. iXBRL is poised to replace the present reporting system consisting XBRL and EDGAR for the filing requirements. At present, the companies are required to file both a human readable web report along with the XBRL report that is machine readable. iXBRL format is capable of filing both the documents simultaneously, which remains “in line” in both the formats.
The basic difference between iXBRL and XBRL is the matter of machine readability as well as human readability. XBRL is primarily machine readable. iXBRL inserts XBRL tags in a web-based document that is human friendly/readable, which alternatively makes it readable by both the machines as well as humans.
There are a number of advantages for the filers when they use iXBRL. The first of them is saving of time and cost, because in iXBRL, instead of two documents only one document is filed which eventually reduces the cost. Secondly, iXBRL increases the quality and accuracy of filings. At present, in XBRL issues related to quality and accuracy are very common, which will diminish when we begin filing in iXBRL. Last, iXBRL is capable of viewing the files through multiple platforms because of the fact that iXBRL is HTML based.
Earlier, iXBRL was a choice given by the SEC. On March 1, 2017, the SEC unanimously proposed the use of iXBRL for filing purposes. The proposals would require the use of Inline XBRL, which has the potential to benefit investors and players of the market while decreasing, over time the costs pertaining to the preparation of information for submission to the SEC.
Being the premier filing agent, Edgar Solutions, Inc. offers full-scale iXBRL services, and can assist your company in transitioning to the new format (iXBRL) smoothly.
Edgar Solutions, Inc. processes and submits entire range of filings regularly. Apart from providing round the clock professional support, Edgar Solutions, Inc. also offers:
- Assistance with XBRL tagging as well as multi-level HTML with the use of iXBRL format.
- Faster turnarounds with optimum accuracy and quality.
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- Highly experienced CPA’s and experts.
Our state of art facility operating round the clock can assist with any questions. Visit our service pages to learn more.