The use of eXtensible Business Reporting Language for company financial reporting in the UK has proved an outstanding success. Some 1.9 million UK companies file accounts and tax returns in XBRL each year.
The UK approach enables comprehensive and efficient reporting in XBRL at low cost. It provides all the data required for analysis and comparison by regulators and other users without a need for companies to create their own effort-consuming XBRL 'extensions'. The UK success is founded on the use of the 'Inline XBRL' reporting format and advanced taxonomies which enable comprehensive identification of data in XBRL.
This white paper describes the UK XBRL programme and the factors behind its success.
Organisations around the world are considering the use of eXtensible Business Reporting Language to improve the efficiency of financial reporting. For many of them, the 'Inline XBRL' format will offer the most cost-effective, flexible and efficient means of adopting XBRL.
This white paper provides a simple explanation of Inline XBRL, including how it works, its benefits and its use in practice.