Data Over Documents: SEC iXBRL Rule Signals a Coming Shift in Financial Reporting
iXBRL combines inline XBRL tagging for machine readability with HTML for presentation on the web, eliminating the need for statements in different formats. Through streamlined reporting, better quality is a likely outcome - a result that should drive consumption of the data by the analyst and investor communities.
The decision by the SEC to adopt iXBRL signals that regulators understand the importance of a global shift away from documents in favor of data. This marks a significant step forward in efforts to improve data accuracy and establishes a clear roadmap to a data-rich future.