IRIS Business, a global leader in software products for compliance, data, and analytics in the structured data space; received much praise from the CIPC for powering their iXBRL regulatory platform in South Africa. The CIPC chose to engage with IRIS iFile in its efforts to standardize financial reporting to better address the needs of its stakeholders, as well as to advocate international financial reporting practices in South Africa.
IRIS iFile, the company’s flagship regulatory product, is used across various regulatory domains like Capital Markets, Banking, e-Governance, Stock Exchanges, Securities Regulators, and Central Banks. It serves an impressive clientele of over 22 regulators around the world. IRIS iFile was preferred by the CIPC based on its exceptional regulatory track record, international expertise to support Taxonomies, Filings, and Validations as well as its superior operational and regulatory effectiveness.
Mr Joey Mathekga, XBRL Programme Owner, Senior Manager: Corporate Disclosure Regulation and Compliance, CIPC, said: “With the IRIS iFile platform, the CIPC experienced increased data validation, accuracy and transparency thereby enhancing data analytical capabilities and reduced reliance on PDFs which required manual intervention. It is highly commendable that the IRIS team helped complete the analysis and design of the CIPC’s iXBRL reporting platform even amidst time constraints. The solution was promptly made available for pilot testing with companies rolling in to voluntarily file by the beginning of February 2018. ”
“What has always made IRIS remain a step ahead is our on-going commitment to raise the bar higher using advanced technology; combined with deep rooted XBRL proficiency,” commented Mr S Swaminathan, Founder and CEO- IRIS Business Services. “IRIS iFile has done the IRIS brand proud; whose name filers and regulators globally trust.”
South Africa is the world’s 25th largest country with a population of over 60 million people. It is one of the largest countries in the African subcontinent. With over 3 million companies filing with the CIPC every year, IRIS iFile looks forward to having a hugely beneficial impact on the financial economy.