IRIS CARBON® 5.0.3 | Everything you need to know

On 26th January 2020, we released version 5.0.3 of IRIS CARBON®, our disclosure management and XBRL/iXBRL platform which is used by companies across the globe for their compliance needs. Many of our current users must have already experienced some of the changes in the platform from its recent upgrade. Nevertheless, there will still be certain features that you need to access and customize depending on your needs.

Before we delve into the list of updates and features added to the IRIS CARBON® platform, we would like to give a big shout-out to our developers who put in the work to ensure that IRIS CARBON®, was ready in-time for the ESMA-ESEF mandate. From technical upgrades to automated feature additions, IRIS CARBON® 5.0.3 is now equipped to ensure that EU filers will face absolutely no difficulties/inconveniences when it comes to the tagging and conversion of their iXBRL reports.

Let’s explore the new features of IRIS CARBON® 5.0.3

IRIS CARBON® 5.0.3 | Everything you need to know

Support for ESMA ESEF 2019 Taxonomy

On 20th December, 2019, ESMA released an updated version of its ESMA ESEF taxonomy based on IFRS 2019 taxonomy. Regulators always recommend that issuers use the latest  version of the taxonomy in order to prepare their XBRL/ iXBRL files. IRIS CARBON® has integrated the new ESMA ESEF 2019 taxonomy into its platform, so that users will be have access to this latest taxonomy for their XBRL tagging.

Automated Version Transition of Company Taxonomy

Issuers who have already tagged their 2018-19 annual reports using the ESMA ESEF 2017 taxonomy need not worry. The automated version transition utility in IRIS CARBON® allows users to upgrade their company taxonomy based on the latest ESMA ESEF 2019 taxonomy with just one click.

Automation of New Company Taxonomy Creation

In the case of ESMA-ESEF mandate, creating and filing your company taxonomy along with your iXBRL report is mandatory. You can find out more about this ‘hidden’ requirement here.

The IRIS CARBON® 5.0.3 release lets you automatically create extended links for the Primary Financial Statements, and ensures automated creation of Presentation and Definition linkbases.

Multilingual Label support in taxonomy

With IRIS CARBON® 5.0.3, users can set the default language of their choice to display the ESEF taxonomy on the IRIS CARBON® platform. In fact, IRIS CARBON® is the only XBRL/iXBRL solution in Europe that comes with 23 EU language taxonomy labels, extensions, anchoring and ESEF validations – and a platform interface that allows users to work in a language of their choice.

Enhanced Dashboard User Interface (UI)

The user interface for creation of projects as well as the summary view feature have been redesigned to give you an even smoother experience on IRIS CARBON® platform’s dashboard. View what’s done and what’s left – including open comments, XBRL tags pending review and more through this easy to use dashboard.

IRIS CARBON® is a cloud-based, collaborative platform that helps issuers prepare Annual Financial Reports (AFR) and meet the iXBRL reporting requirements as per ESEF iXBRL mandate. The platform comes with a robust set of features that will make the entire AFR preparation process a walk in the park without compromising on the original template/layout of your AFR – even after iXBRL conversion.

IRIS CARBON® is a fully ESEF ready solution with support for iXBRL and 23 EU languages and comes with AI/ML enabled auto-tagging functionality


SCHEDULE FREE CONSULTATION

IRIS CARBON® 5.0.3 | Everything you need to know