What is iXBRL? Differences between XBRL and iXBRL

XBRL (eXtensible Business Reporting Language) is an open technology standard for financial reporting, based on XML (eXtensible Markup Language). XML, in its original form, is a markup language that defines the manner in which the documents can be encoded, making them human-readable as well as machine-readable. XML is primarily used in encoding documents and other arbitrary data structures for exchange over the Internet/World Wide Web. XBRL is an XML based, open, market-driven, global standard for encoding semantic information, like those found in financial statements of organizations. Many countries along with their respective financial regulators, have together promoted the adoption of XBRL as a universal electronic financial reporting mechanism.