XBRL Formula modernisation reaches important milestone
The OIM Formula specification was recently published at Candidate Recommendation status, along with a conformance test suite. OIM Formula is the first step in a modernisation programme for XBRL Formula.
XBRL Formula is a powerful rules language that allows business validation rules to be embedded in XBRL taxonomies.
OIM Formula allows XBRL Formula rules to be applied to any format that is based on XBRL’s Open Information model, including the xBRL-CSV and xBRL-JSON formats, and is expected to enable significant performance improvements when working with large reports. This is particularly relevant to XBRL reports submitted under the European Banking Authority (EBA) requirements, together with other regulators adopting the xBRL-CSV format to collect large quantities of granular performance data.
The Candidate Recommendation status indicates that the specification is now ready for implementation in software, and the conformance suite allows software developers to check that their software complies with the specification.
The specification and conformance suite can be found on the XBRL specifications site.
