ESEF iXBRL Reporting
with IRIS CARBON®
As per the European Securities and Markets Authority (ESMA) mandate, from January 2020, all publicly traded companies in the European Union (EU) must file their annual financial reports in Extensible Business Reporting Language (XBRL) format, which includes Inline XBRL (iXBRL) for the main financial statements. The IRIS CARBON® platform provides a streamlined and simplified process for ESEF iXBRL reporting, allowing issuers to create, tag, validate, review, and submit their ESEF-compliant documents with ease. In this page, we will describe the workflow of the IRIS CARBON® ESEF iXBRL reporting solution in detail.
Our ESEF iXBRL reporting workflow includes the following steps:
Step 1
Step 2
Upload and Process
Once the content of the Annual Report is finalized, the final Annual Report is uploaded on the IRIS CARBON® Platform and is processed for ESEF tagging.
Step 3
XBRL Tagging
As per Phase II of the ESEF Mandate, the Notes to the Consolidated Statements are XBRL tagged along with the Primary Financial Statements by the XBRL domain experts while retaining the formatting and stylization of the Annual Report.
Step 4
Validation
Upon tagging, the iXBRL document is validated using the ESEF conformance suit and IRIS CARBON® Platform's in-built and XBRL Certified BushChat Validator.
Step 5
Review
Once the tagging is done, this is reviewed by the Issuer using IRIS CARBON® Platform where the reviewer can Accept/ Reject/ comment on the iXBRL part of the document.
Step 6
Excel Report
Output in the form of an Excel Report can also be provided to the reviewers for review purposes or for Auditor's reference.
Step 7
Step 8
Auditor's Comments
The auditor's comments, if any, are incorporated into the iXBRL document by the XBRL Domain Experts.
Step 9
Test Submission
Upon confirmation from the Auditors, the final approved iXBRL package is then Test submitted by the issuer with the regulator before final submission, whenever test submission is available.
Step 10
Final Submission
Once the Test Submission is through, the Issuer does the Final Submission with the regulator.
With IRIS CARBON®'s end-to-end ESEF iXBRL reporting solution, you can rest assured that your documents will be compliant, accurate, and of the highest quality.
Get in touch with us today to learn more about how we can help you simplify your ESEF reporting process.
Download ESMA ESEF Compliance & Reporting Brochure
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