iXBRL: Revolutionizing Financial Reporting and Ensuring Compliance

iXBRL: Revolutionizing Financial Reporting and Ensuring Compliance

By Prathamesh 21 February, 2024

Martin DeVille’s recent article discusses the transformation of digital financial reporting through the adoption of Inline XBRL (iXBRL). He highlights that around 50,000 major European companies are adopting iXBRL for their financial reporting, driven by regulations such as the European Single Electronic Format (ESEF) and the upcoming Corporate Sustainability Reporting Directive (CSRD).

The article emphasizes the limitations of traditional methods like PDF tagging and the emergence of a ‘digital-first’ strategy using HTML-based content management systems. This approach promises to streamline reporting processes and effectively address XBRL tagging challenges.

DeVille outlines the benefits of digital-first reporting, particularly in automating the reporting process, including XBRL tagging. He discusses how new tools are offering user-friendly interfaces and accurate tagging capabilities.

While automation is promising, DeVille stresses the importance of high-quality tagging, with human analysis remaining crucial for compliance and accuracy. The adoption of iXBRL across the financial reporting landscape signifies a new era of efficiency, accuracy, and transparency in reporting processes, offering substantial benefits for companies navigating modern reporting requirements.

To find out more details please visit : https://www.xbrl.org/