5 minute iXBRL demo of Seahorse by CoreFiling

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Head over to DemoCentre to compare the best iXBRL Reporting Software solutions on the market, including:
iXBRL Tagger by AMANA Consulting,
Report Authority by Authority Software,
Seahorse by CoreFiling

Visit https://www.democentre.io/ixbrl-repor... to read our comprehensive iXBRL Reporting buyer's guide!

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About iXBRL Reporting Software

iXBRL, or Inline eXtensible Business Reporting Language, is as the name suggests, a language used for the reporting of business and financial information, in a format that is both human and machine-readable.
iXBRL takes the HTML standard that is used to power the world’s web pages, and embeds extra “tags” into it that give meaning to the figures and statements in a format that can be understood by a computer. The end result is an XHTML document.

In the UK, HM Revenue and Customs (HMRC) already requires businesses to submit their report and accounts and tax computations in iXBRL format when making their Corporation Tax returns. Beyond the UK, iXBRL is also mandated for corporate filings by government agencies in Japan, Denmark and South Africa.

In the US, the Securities and Exchange Commission (SEC) has announced plans to move to iXBRL, removing the need to report HTML and XBRL documents separately.

In December 2017, the European Securities and Markets Authority (ESMA) published the final draft Regulatory Technical Standards (RTS) setting out the new European Single Electronic Format (ESEF). Under the regulation, starting in 2020, issuers with securities listed on EU regulated markets must file and publish annual financial reports (AFRs) using XHTML format with iXBRL.

The UK has adopted a similar position. Issuers with transferable securities admitted to trading on UK regulated markets are in scope of ESEF requirements and will now be required to file and publish human- and machine-readable accounts for financial years beginning on or after 1st January 2021.

In April 2021, the European Commission adopted a comprehensive package of measures to help improve the flow of money towards sustainable activities across the European Union – measures that will be instrumental in making Europe climate neutral by 2050. The package will extend Environmental, Social and Governance (ESG) reporting requirements to all large and listed companies in Europe, while the commission is also developing a separate set of comparable measures for small and medium-size enterprises. And yet again, under this regulation, iXBRL will be the chosen business reporting standard.

As at today iXBRL affects tens of thousands of listed companies. Indeed, iXBRL reporting adoption by supervisory authorities is growing rapidly and this invariably means that it won’t be long before almost all companies, large and small, will be affected.