iXBRL improves the quality of companies’ financial statements by rendering them in a modernized, digital format that is both easier to prepare and use.
Since iXBRL is a machine-readable format, the data can be understood by computers and dealt with intelligently. XBRL data can be stored, transmitted, and presented efficiently.
The iXBRL format makes the production and processing of data faster while reducing errors with the help of validation checks. The result is a highly efficient data value chain.
The large volume of data being filed with Revenue can be pooled for analytics that allows key stakeholders to study industry-wide financial reporting trends for decision-making.