What does iXBRL stand for?
The iXBRL full form is inline eXtensible Business Reporting Language. This standard, inline eXtensible Business Reporting Language (iXBRL), is used by organizations worldwide to categorize their financial data so that computers can handle it intelligently.
It is an open standard that allows structured, machine-readable data to be included in a single document that can be read by humans and machines alike. Firms and other users of accounting reports, such as regulators, investors, analysts, and so on, have been the primary beneficiaries of the system’s development.
With iXBRL, numbers and statements are given meaning via “tags” embedded in a computer-readable style that can be viewed on regular internet browsers. It doesn’t alter the content at all; it only modifies the format. As the standard design for all XBRL-tagged financial statements, iXBRL (Inline eXtensible Business Reporting Language) provides tags that humans, as well as computers, can read.
Learn how to format iXBRL financial statements
iXBRL tagging software or manual tagging can be used to insert identifying tags into specific sorts of data, which are completely undetectable to humans but machine accessible.
Accounts labeled with iXBRL are now accepted by HMRC and Companies House in the United Kingdom, thanks to a joint filing service launched in 2010. Since then, most businesses have moved to use iXBRL to submit their tax returns, including financial statements and calculations.
Quickly add tags to reports using an iXBRL tagging program
iXBRL tagging software must be used by accountants in practice and corporations to file an entirely consistent tax return. It is significantly more effective to produce iXBRL-compliant computations and accounts in accounting software than to complete them manually and then convert them to iXBRL afterward.
Thomson Reuters has developed iXBRL tagging software recognized by HMRC as a software supplier to produce properly labeled reports. In addition to iXBRL’s capability, our solutions include customized report layouts, automatic rounding, and other features that enhance your reporting process.
Who is using iXBRL?
Throughout the world, people are using iXBRL:
- Companies in the United States, like Delta, can file 10-Q filings in iXBRL with the SEC.
- Two million enterprises in the United Kingdom submit iXBRL to HMRC and Companies House each year for reporting purposes.
- Towards the Japan Financial Services Agency (JFSA), over 9000 publicly traded firms and investment funds in Japan submit their financial statements in iXBRL format.
- The Danish Business Registrar has gathered over 100,000 iXBRL-formatted financial statements to register and market information in Denmark.
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