Enhancing the Open Information Model: Key Developments
Who doesn’t love a syntax-independent model for XBRL data that allows for a reliable transformation into other representations? Open Information Model is just the right thing for you if you want to represent financial information uniformly that can be easily understood & processed by the different software applications.
In the world of finance, where accuracy and transparency are key, achieving this can be challenging when data is presented in different formats, making it difficult to compare and analyze. This is where XBRL, or eXtensible Business Reporting Language, comes in. The Open Information Model (OIM) is the core framework of the XBRL standard, which defines the structure and rules for creating XBRL reports.
Recently, the XBRL community approved significant improvements to the OIM, which include the introduction of two new formats: xBRL-CSV and xBRL-JSON. Both these formats aim to make it easier for organizations to create, store and analyze financial data in XBRL format while enhancing the interoperability of XBRL data with other systems.
The xBRL-CSV format is a new way of representing XBRL data in a comma-separated value (CSV) format. The format creates and shares XBRL data in a tabular form. It allows users to extract financial data from XBRL documents, edit and analyze the data in spreadsheet programs, and then convert it back to XBRL format for submission to regulatory bodies.
The xBRL-CSV format is handy for organizations with limited resources or minimal technical expertise to create XBRL reports using specialized software.
The xBRL-JSON format is another way to represent XBRL data in a JavaScript Object Notation (JSON) form. JSON is a lightweight data exchange format widely used in web applications and APIs. It provides a flexible and efficient way of representing structured data in a human-readable format.
It provides a way of representing XBRL data in a format that is easy to parse and integrate with other web-based applications allowing users to extract financial data from XBRL documents, convert it to xBRL-JSON format, and then use it in web-based applications for analysis, visualization, and reporting.
This format is handy for organizations that must integrate XBRL data with other web-based systems, such as business intelligence tools, data analytics platforms, or web portals.
The introduction of the xBRL-CSV and xBRL-JSON formats is expected to benefit organizations that use the XBRL standard for financial reporting. These benefits include:
- Improved Interoperability: The xBRL-CSV and xBRL-JSON formats will provide a more flexible and efficient way of representing XBRL data. It is the kind of flexibility that would enhance interoperability with other systems. Organizations can then easily integrate XBRL data with their existing financial reporting systems, business intelligence tools, and data analytics platforms.
- Simplified Reporting: The xBRL-CSV format enables organizations to create and edit XBRL reports using familiar spreadsheet programs. This will significantly reduce the organization’s burden by streamlining the reporting process and reducing the need for specialized software.
- Reduced Costs: The xBRL-CSV and xBRL-JSON formats offer a cost-effective way of creating and sharing XBRL data. Organizations can now prepare and submit XBRL reports using existing software and systems, reducing the need for a specialized, expensive software system.
XBRL tagging software
DataTracks’ Rainbow is fully equipped to handle the requirements if these improvements are passed as a mandate. Rainbow is also capable of exporting in xBRL-CSV & xBRL-JSON formats. DataTracks promises a seamless filing experience without the usual hassle that accompanies regulatory reporting. Save time and money while staying ahead of deadlines with accurate, compliant reports in HTML, XBRL, iXBRL formats & xBRL-CSV & xBRL-JSON (as and when mandated).
