Central banks and national statistical offices have increasingly been looking to big data sets and analytics to provide new insights – but managing data of this magnitude requires new data platforms. This week a Bank for International Settlements (BIS) report breaks down how best to deal with big data. Novel big data sets – such […]
The Open Information Model (OIM) specifications, having been through a multi-year development process, are almost ready to be published publicly as Candidate Recommendations. But why has it taken so long? Standards need to be stable – especially when, as with XBRL, they are primarily adopted by risk-averse regulators and policy makers. Specifications also have a […]
XBRL International is getting ready for the upcoming publication of the Open Information Model specifications as Candidate Recommendations. What is the OIM, we hear you ask?
The Spanish bank BBVA has used big data technology to track the impact of Covid-19 on Spanish consumption – discovering a 49% average decline in consumer spending. The study looked at anonymised and aggregated data from 1.4 billion card transactions since 2019, demonstrating dramatic changes in spending habits as the crisis took hold. The data […]
XBRL’s new Open Information Model is a strategic initiative to simplify and modernise our standard. The OIM enables the free exchange of XBRL data across a range of different syntaxes. We are used to thinking of XBRL as an XML variant, but the OIM allows us to instead understand XBRL as a syntax-independent standard that […]
At yesterday’s XBRL Europe meeting in Milan, ESMA foreshadowed a number of activities that it will be taking in concert with NCAs (i.e: national securities regulators) during 2020.
The XBRL Standards Board has approved an important new release of the Open Information Model and xBRL-JSON specifications. The Open Information Model is a strategic initiative to simplify and modernise XBRL, allowing the free exchange of XBRL data into other formats.
Recently we updated readers on the progress of the Open Information Model (OIM)– which is well on its way to Recommendation status. But what will the OIM actually mean?
The OIM is central to the modernisation and simplification of the XBRL standard. Although XBRL is used extensively all over the world, allowing rich, structured data to be captured and used by businesses and regulators, the standard’s XML syntax is not always convenient and it often isn’t simple.
The Open Information Model is a key part of the modernisation and simplification of the XBRL standard. While the existing specifications will absolutely continue to be supported and improved for the foreseeable future, the OIM represents an important step forward. Producing digital business reports in XML is not always the most convenient syntax and the […]
We were pleased to announce at the end of last year that new versions of the Open Information Model (OIM) and xBRL-JSON specifications have been released for public review. The release includes some significant improvements and simplifications to the xBRL-JSON representation, which provides an alternative representation for XBRL data. This is part of a larger XBRL International effort to modernise and simplify the standards and make XBRL data much easier to work with in modern software.
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XBRL International is a global not for profit operating in the public interest. Our purpose is to improve the accountability and transparency of business performance globally, by providing the open data exchange standard for business reporting.
