The future of XBRL: simplifying the standard with the OIM
Paul Warren, Technical Director of XBRL International, delivered some essential updates from the XBRL Standards Board (XSB) at Data Amplified, outlining the next steps in XBRL’s evolution.
At the heart of the updates? The Open Information Model (OIM), XBRL International’s strategy to uncouple XBRL from its XML roots and allow additional possibilities (while providing much-needed backwards compatibility).
While OIM’s early success focused on cleaning up how XBRL reports are shared, Paul described the next big step: OIM Taxonomies 1.0. This initiative will give taxonomies a much-needed refresh by creating a syntax-independent model. Why does this matter? Because current taxonomies are, well, messy – loaded with power, but also a degree of complexity that constrains adoption. The new approach promises to simplify, modernise, and harmonise taxonomies, paving the way for easier use, better AI compatibility, and the ability to handle massive data volumes.
Paul likened the old XML framework to an overpacked toolbox – useful but weighed down by outdated, clunky features. OIM Taxonomies 1.0 will toss out what’s not needed, unify what works, and ensure compatibility with existing systems. The end goal? To make XBRL friendlier for users and even smarter for machines.
With this renewed energy, XBRL International is ensuring the standard stays at the forefront of digital reporting. As he put it, “simpler, faster, better” is the name of the game for the future of financial reporting – watch this space.
