The XBRL standard is a free, open, non-proprietary, financial data standard, developed and maintained by a global, not-for-profit standards body. Free and open standards are critical for governments and businesses looking to adopt a standard.
A taxonomy style guide isn’t about creating a memorable “style”. The style guide is about building clear, transparent, understandable standards that result in predictable communication every time. XBRL relies on a taxonomy of concepts to identify facts, contexts and other relationships. Any ambiguity in the language used within that taxonomy to communicate data, could produce inconsistent results.
Trust. It’s one of the most important considerations when hiring a guide to lead a challenging mountain climb. The same is true with developing standards. Only a specialist with the right skillset and experience can help build a good quality taxonomy or XBRL instance document. Find the right people through XBRL Achievements.
How companies report their financials can have a big impact on investing, and ultimately on the economy. That’s why issuers, analysts, investors and data analytics providers, as well as XBRL tool and service providers should comment on the SEC’s new rule proposal for Inline XBRL.
Switching to structured (XBRL) data after using HTML versions of financial filings is like trading in your flip phone for an iPhone. Wow. Suddenly you can do things you never thought possible.