Why iXBRL Reporting Requirements Should be Removed

On the occasion of the EU Commission’s Omnibus I-initiative, Deutsches Aktieninstitut calls on the European institutions to remove the iXBRL reporting format as an important step to reduce bureaucratic burden and improve competitiveness. Experiences of companies clearly indicate that iXBRL as required by the European Single Electronic Format (ESEF) is

• causing the companies considerable expenses without corresponding benefits for investors or other stakeholders who prefer to have company reports in readable PDF formats,
• prone to mistakes and consequently causing significant legal uncertainties,
• out of fashion as it is based on a technology developed in the 1990s, which is not needed anymore due to modern AI-tools in place today.