ESMA – ESEF iXBRL Reporting Module – Expert Assisted Services

The IRIS CARBON® Platform provides a streamlined and simplified process for ESEF iXBRL reporting, allowing issuers to create, tag, validate, and review their annual financial reports in iXBRL format, that can be submitted to the regulator.

IRIS CARBON® – European Securities Markets Authority (ESMA) – ESEF iXBRL Reporting Module –  Expert Assisted Services

This document outlines the details of the IRIS CARBON® ESMA – ESEF iXBRL Expert Assistance available from the IRIS Group to authorized users of the IRIS CARBON® Platform.

A. IRIS’ Expert Assisted Services Flat Fee Package

IRIS’ Expert Assisted Services Flat Fee Package is recommended for all companies in the first year of the use of the IRIS CARBON® Platform where IRIS’ expert teams completely handles the end-to-end iXBRL Report creation on the Platform (for 1 annual report, 2 versions in 2 languages) including – document set up, document formatting, XBRL tagging, XBRL review and validation of XBRL instance and taxonomy to ensure compliance with best practices and regulatory requirements.

A customized training is provided to help users review their documents / XBRL tags through the platform.

IRIS XBRL experts are also available to participate in discussions with Company’s auditors (around the tag selection / validations) if requested.

This package provides a very smooth transition to users into the IRIS CARBON® Platform. Further, it also provides users with a high-quality iXBRL document package that they can refer to / use as they manage their ESEF filings themselves on the Platform going forward. A flat fee makes the budget planning and estimation process easier for companies and hence is preferred by companies that access the Platform for ESMA ESEF iXBRL Modules.

From the second year on, companies can either continue to opt for the Expert Assisted services flat fee package or opt to manage their filings in-house.

Details of IRIS’ Expert Assisted Services Flat Fee Package

The details of Expert Assisted Services that the Subscribers of the ESMA-ESEF iXBRL Reporting Module can access within the Expert Assisted Services Flat Fee Package are described below.

* The Expert Assisted Services Flat Fee Package consists of

1. XBRL quality review of last filed company annual report
2. Onboarding / setting up of current year document
3. iXBRL Document creation and iXBRL output generation (for 2 versions of annual report, in 2 languages)
4. Customized online training / workshop for 4 hours (2 hours sessions for 2 days) on document review and sign off through the Platform
5. 8 hours of Ad-hoc / additional support.

Detailed Description of each service within the Expert Assisted Services Flat Fee Package

a. XBRL quality review of last filed company annual report

IRIS’ expert assisted team prepares an XBRL Quality report based on the last filed annual report (publicly available XBRL filing), with suggestions on XBRL tag changes, if any. Suggestions on tag changes can be on account of incorrect tagging in previous document, calculation inconsistencies and / or updates to the ESMA taxonomy which impact any tags used in the previous filing.

The XBRL Quality report is presented to the company and its ESEF auditors. Upon approval, the new / approved tags are used by IRIS’ expert assisted team while tagging the current year document.

b. Onboarding / setting up of current year document:

Document onboarding/ set-up includes

1. Uploading the last published PDF annual report on the Platform, along with the last available iXBRL document
2. Addressing any formatting errors in the uploaded document, if required

c. iXBRL Document creation and iXBRL output generation (for 2 versions of annual report, in 2 languages)

IRIS’ expert assisted team tags the uploaded document using the latest ESEF taxonomy document and generates output to create an ESEF-compliant document. Steps include

1. Including XBRL tags in the document (based on the previous filed iXBRL report, approved tag suggestions based on IRIS quality report, and also any new XBRL tag additions required based on updated business rules / requirements by the regulator or new disclosures)
2. Including any addition / required custom elements, creating appropriate documentation for such elements
3. Creating / updating the company specific taxonomy
4. Formatting of the xHTML document as required
5. Internal review and XBRL validations to check and clear error, if any
6. Creating iXBRL output package for audit purposes
7. Incorporation of auditor’s changes, if any
8. Generating final iXBRL output

d. Customized online training / workshop on document review and sign off through the Platform

IRIS provides Customized Training / Workshops to Company Users based on the company’s documents which are set up on the Platform by IRIS experts. The customized training / workshops includes:

1. A brief session on XBRL / iXBRL and ESEF taxonomy
2. Training on how to review iXBRL tagging through the Platform (including review of tagging of new disclosures)
3. Understanding how to validate the iXBRL package and taxonomy
4. Ways to access support for any queries related to the use of Platform, document assistance, tagging, etc.

Ongoing refresher training is also provided with each major release on the Platform.

All training is conducted online through Microsoft Teams. Training materials may include, but are not limited to, self-help videos, user manuals, and recordings of training sessions, and will be provided to the users post the training session.

Note: All documentation and other training materials whether via video, audio or other modes are IRIS proprietary materials, and are to be used only by End Users for the purpose of using the IRIS CARBON® Platform effectively.

e. Ad-hoc / additional Support

IRIS provides Ad-hoc / additional support to users that consist of any extra or on-demand assistance around documents within the Platform such as

1. Support for document formatting that is required due to ongoing changes in the annual report as suggested by the Company management/auditors
2. XBRL tagging for any additional changes made by the Company management/auditors
3. Participating in discussions with Company’s auditors if requested
4. Review of XBRL tags
5. Interpreting XBRL validation results
6. Queries related to tagging, validations, new version of ESEF iXBRL taxonomy, business rules, etc.

Note: Ad-hoc / additional support beyond 8 hours can be accessed by paying an affordable per-hour fee (as mentioned in the Order Form). Any additional onboarding / set up/ re-setup beyond 2 versions for 2 languages (as already included in the Flat fee Expert Assisted Services package) is chargeable on a per report basis.

b. Customized online training / workshop for users of the Platform that have not opted for the IRIS’ Expert Assisted Services Package

IRIS provides an extensive customized online training / workshop of 9 hours (3 hours sessions for 3 days) to End Users who have not opted for IRIS’ Expert Assisted Services flat fee package and seek to manage their entire iXBRL Report package creation on their own. The training includes the below steps that are performed on a sample document

1. Setup of the sample annual report
2. Formatting of the document
3. XBRL / iXBRL tagging for numbers as well as textblocks (notes) on a sample basis
4. New XBRL tag additions based on updated business rules / requirements by the regulator
5. Creation of Company taxonomy on a sample basis
6. Review and XBRL validations to check and resolve errors, if any
7. Generation of iXBRL output
8. Ways to access support for any queries related to the use of Platform, document assistance, tagging, etc.

All activities are carried out only for the purpose of training so that the users get accustomed to the use of the Platform.

All training is conducted online through Microsoft Teams. Training materials may include, but are not limited to, self-help videos, user manuals, and recordings of training sessions, and will be provided to the users post the training session.

Note: All documentation and other training materials whether via video, audio or other modes are IRIS proprietary materials, and are to be used only by End Users for the purpose of using the IRIS CARBON® Platform effectively.

Additionally, users get up to 8 hours of Ad-hoc / additional support that consist of any extra or on-demand assistance around documents within the Platform such as

1. Support for document formatting that is required due to ongoing changes in the annual report as suggested by the Company management/auditors
2. XBRL tagging for any additional changes made by the Company management/auditors
3. Modifications to Company taxonomy, if required
4. Participating in discussions with Company’s auditors if requested
5. Review of XBRL tags
6. Interpreting XBRL validation results
7. Queries related to tagging, validations, new version of ESEF iXBRL taxonomy, business rules, etc.

Note: Ad-hoc / additional support beyond 8 hours can be accessed by paying an affordable per-hour fee (as mentioned in the Order Form).

* The above stated components of Expert Assisted Services are the standard inclusions that are offered to the subscribed users of the IRIS CARBON® – ESMA – ESEF iXBRL Reporting Module. Users may have customized packages as per their requirements in which case, they will need to refer to their respective Order Forms.

“Order Form” is an ordering document issued to the End User / Company in relation to the End User / Company license to use the IRIS CARBON® Platform and avail IRIS Expert Assisted Services.