Appearance
XBRL Global Adoption
XBRL is used in 65+ countries with nearly 220 reporting implementations. Here are the major ones.
SEC EDGAR (United States)
EDGAR (Electronic Data Gathering, Analysis and Retrieval) is the SEC's electronic filing system.
- XBRL filing mandatory since 2009
- Updated to require 13 Inline XBRL since 2018
- Uses the US-GAAP Taxonomy (updated annually by FASB) and IFRS Taxonomy for foreign private issuers
- Applies to quarterly (10-Q) and annual (10-K) reports
- Companies can create extension taxonomies with custom concepts
- Each year's taxonomies are only compatible with other taxonomies from the same year
- EDGAR provides APIs for programmatic access to filed data
ESEF (European Union)
European Single Electronic Format, mandated by ESMA.
- Applies to all issuers on EU regulated markets
- Mandatory for annual financial reports (AFRs) starting from fiscal years beginning January 1, 2020
- All AFRs must be in XHTML format (viewable in browsers)
- IFRS consolidated financial statements must be tagged using 13 Inline XBRL
- Taxonomy extends the IFRS Accounting Taxonomy
- ESMA annually updates the ESEF Reporting Manual
Phased Implementation
- Phase 1: Primary financial statements block-tagged
- Phase 2: Notes to financial statements tagged (expanded scope)
CIPC (South Africa)
Companies and Intellectual Property Commission -- see 20 CIPC Taxonomy Example for the taxonomy details.
- First regulator in Africa to implement full-scale 13 Inline XBRL (July 2018)
- Mandates ~100,000 qualifying entities to submit annual financial statements digitally
- Uses iXBRL specification version 1.1
- Taxonomy based on IFRS (Full and SME) plus South African-specific requirements:
- Companies Act No. 71 of 2008
- Close Corporations Act 69 of 1984
- Minimum tagging approach -- exact requirements differ by entity size and type
- Filing deadline: 30 business days after year-end (60 days for Close Corporations)
Three-Component Solution
- Taxonomy -- defines what to report (see 20 CIPC Taxonomy Example)
- Client-side tagging software -- tools to create iXBRL documents
- CIPC Web Portal -- where filings are submitted
Other Notable Implementations
| Country | System | Details |
|---|---|---|
| UK | HMRC | iXBRL for corporation tax returns (CT600) |
| Singapore | BizFinx (ACRA) | Company financial statements |
| India | MCA | Financial and costing information |
| South Korea | DART | All publicly-held firms |
| Japan | EDINET | Securities filings |
| China | Various | Regulatory filings |
| Turkey | Government | XBRL GL for electronic bookkeeping |
Growth Trajectory
XBRL adoption continues to expand:
- More countries mandating digital reporting
- Scope expanding from financial statements to sustainability reporting (IFRS S1/S2)
- The CIPC 2024 taxonomy already includes sustainability disclosure entry points
- The 15 Open Information Model is making XBRL accessible to more developers