OIM Formula Advances XBRL Formula Modernization to Milestone

OIM Formula Advances XBRL Formula Modernization to Milestone

By Prathamesh 7 March, 2024

In a pivotal development for XBRL technology, the OIM Formula specification has achieved Candidate Recommendation status, marking a significant stride in the modernization journey of XBRL Formula. The specification release is accompanied by a comprehensive conformance test suite, signaling readiness for implementation in software. XBRL Formula serves as a robust rules language, embedding business validation rules within XBRL taxonomies, and the OIM Formula extends its capabilities to formats based on XBRL’s Open Information model.

Notably, OIM Formula’s applicability spans diverse formats including xBRL-CSV and xBRL-JSON, promising substantial performance enhancements, particularly in handling large reports. This advancement holds particular relevance for entities subject to European Banking Authority (EBA) requirements and other regulatory bodies adopting the xBRL-CSV format for collecting extensive performance data.

The attainment of Candidate Recommendation status underscores the readiness of the specification for practical deployment, empowering software developers to ensure compliance through the conformance suite. The move signifies a pivotal moment in enhancing XBRL reporting efficiency and adaptability, poised to revolutionize data processing capabilities within regulatory frameworks and financial sectors.

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