The Securities and Exchange Commission (SEC) is on the brink of a significant technological leap with EDGAR Next, a modernized system set to transform how companies file their disclosures. This transition will impact everything from filing formats to submission protocols, demanding that filers adopt a more robust, integrated approach to disclosure management. For companies and financial professionals, navigating this change is not just about compliance—it’s about leveraging technology to ensure accuracy, efficiency, and future-readiness.
IRIS CARBON® is a purpose-built Disclosure Management Software designed to be your strategic partner throughout this evolution. Our platform goes beyond a simple filing tool; it’s a comprehensive ecosystem that anticipates regulatory changes, streamlines workflows, and ensures your data is not only compliant but also audit-ready. Here’s a breakdown of how IRIS CARBON® supports filers in the EDGAR Next transition, covering technicalities and best practices.
The Core Challenges of EDGAR Next
Before diving into the solution, it’s crucial to understand the key challenges EDGAR Next presents:
- Format and Technology Shift: The new system will likely move towards more structured data formats beyond the current iXBRL, potentially integrating advanced APIs for direct data submission.
- Data Integrity and Accuracy: With greater automation comes a zero-tolerance policy for errors. Any discrepancy in data from source to submission could lead to filing rejections or non-compliance.
- Workflow Inefficiency: Existing manual processes involving multiple tools (Word, Excel, third-party converters) will become a liability. The transition demands a unified platform to manage data, narratives, and disclosures seamlessly.
- Version Control and Collaboration: Disconnected tools make it difficult for teams (legal, finance, IR) to collaborate on a single, secure version of a document, increasing the risk of errors and delays.
Technical Excellence: How IRIS CARBON® Future-Proofs Your Filings
Our platform is engineered to address these challenges head-on, providing a technical foundation that outpaces legacy systems.
Single Source of Truth for Data-First Filing
IRIS CARBON® operates on a data-first principle. Instead of starting with a narrative in a word processor, our platform centralizes all your financial and non-financial data in one secure location. This ensures:
- Data Consistency: Any change to a data point (e.g., in an income statement) is automatically updated across all linked disclosures, including footnotes and narratives. This eliminates manual copy-pasting errors, which are a primary cause of non-compliance.
- Automated Tagging: Our platform uses intelligent, automated tagging capabilities to apply the appropriate taxonomy tags (e.g., US GAAP, IFRS) to your data. This is a crucial feature for iXBRL compliance and will be indispensable as EDGAR Next evolves.
- Auditability and Transparency: Every data point has a clear audit trail, showing who made changes, when, and why. This level of transparency is essential for internal controls and external audits.
Seamless iXBRL Generation and Validation
The current iXBRL mandate is just the beginning. EDGAR Next will likely raise the bar on the quality and complexity of structured data. IRIS CARBON®’s technical edge here is unmatched:
- #1 XBRL Quality: Our engine is consistently ranked #1 for XBRL quality. This is not by chance; it’s the result of rigorous, automated validation rules that go beyond standard SEC checks.
- Advanced Tagging: Our system supports complex tagging scenarios, including extensions and anchoring, ensuring your iXBRL is both accurate and robust.
- Integrated Validation: Filers get a real-time view of any iXBRL errors or warnings directly within the platform, allowing for instant corrections and eliminating the frantic, last-minute rush to fix submission errors.
Streamlined, Collaborative Workflows
Traditional disclosure workflows are a patchwork of disconnected tools. IRIS CARBON® integrates the entire process into a single, intuitive platform.
- Centralized Collaboration: All stakeholders—from finance and legal to external auditors—can work on the same document simultaneously in a secure, cloud-based environment.
- Role-Based Access: You can assign specific permissions, ensuring that each user can only access and modify the sections relevant to their role.
- Version Control: The platform maintains a complete history of all changes, making it easy to revert to previous versions and track all modifications.
Future-Proofing for EDGAR Next APIs and Beyond
The true power of IRIS CARBON® lies in its architecture. Our platform is built on modern, scalable technology that is not only ready for EDGAR Next but also for future regulatory changes.
- API Readiness: The platform’s robust API enables seamless integration with other systems and will be ready for any new API-based filing protocols EDGAR Next may introduce.
- Scalable Architecture: Our cloud-native architecture can handle the increasing volume and complexity of disclosures without compromising on performance.
- Regular Updates: We constantly monitor regulatory changes and proactively update our platform to ensure our clients are always ahead of the curve.
Why IRIS CARBON® is Better Than Competitors
While other platforms exist, IRIS CARBON® offers a distinct advantage that aligns more closely with the strategic needs of modern filers.
| Feature | IRIS CARBON® | Competitors |
| XBRL Quality | Ranked #1 for XBRL quality consistently. Our automated validation engine ensures unparalleled accuracy. | Often relies on less robust validation, leading to more errors and potential rejections. |
| Data-First Philosophy | True “single source of truth” where all narrative and data are linked from a central data model. | Can be more document-centric, with data existing within the narrative, increasing the risk of data drift. |
| Implementation | Quick, efficient onboarding with dedicated support teams and a more intuitive user interface. | Can have a longer, more complex implementation process that requires extensive training. |
| Pricing Model | Flexible and transparent pricing that scales with your needs, without hidden costs. | Often uses a more rigid, multi-year contract model that can be less adaptable to changing business needs. |
| Support & Expertise | Unmatched customer support backed by a team of regulatory and technical experts. | Support can be tiered, with premium service often requiring a higher cost. |
Your Strategic Partner for the Future
The EDGAR Next transition is more than a technical upgrade; it’s an opportunity to modernize your entire disclosure workflow. By partnering with IRIS CARBON®, you’re not just preparing for the next deadline—you’re building a foundation for sustainable, efficient, and transparent financial reporting.
Don’t get left behind. Embrace the future of disclosure management with a platform that is purpose-built for regulatory excellence.
