The IRIS CARBON® Approach
1. Converting The 2020 Annual Report PDF To The Mandated iXBRL Format
IRIS CARBON® conducted a dry run utilizing Cyprus Forest Industries and issued the 2020 annual report. The dry run procedure required loading the Cyprus Forest Industries’ 2020 annual report onto the IRIS CARBON® platform.
The most recent version of the ESEF taxonomy was included in the IRIS CARBON® system. This helped appropriately categorize Cyprus Forest Industries’ 2020 annual report. The automated tagging capability of the platform enabled the ESEF document to be accurately tagged using Artificial Intelligence and Machine Learning once the base file was successfully uploaded. The line items were intuitively labeled per the ESEF taxonomy. Experts in the IRIS CARBON® XBRL domain created extensions wherever the ESEF taxonomy lacked concepts appropriate for tagging. In addition, anchoring relationships were built for each new extension.
The IRIS CARBON® team then independently validated the Cyprus Forest Industries’ 2020 iXBRL ESEF files before forwarding them to Cyprus Forest Industries. It was verified that there were no indications of probable errors or warnings.
2. Reviewing The 2020 iXBRL Annual Report
The purpose of these training sessions was to familiarize the Cyprus Forest Industries team with the IRIS CARBON® platform and its interface. Once the team Cyprus Forest Industries received the 2020 iXBRL yearly report, IRIS CARBON® began training them for handling the review process on the platform.
Sessions included demonstrations of the IRIS CARBON® platform’s review module. The team Cyprus Forest Industries was then able to approve the given XBRL tags for the iXBRL annual report for 2020. For any issues that required explanations, they could leverage the ‘commenting’ feature on the platform to submit any queries or modification requests. The XBRL expert team at IRIS CARBON® instantly picked up any queries or change requests submitted by the team Cyprus Forest Industries and responded via the platform itself.
A summary snapshot of the entire review process was provided on the IRIS CARBON® dashboard so that the 2020 iXBRL annual report could be monitored at each stage. This even indicated if the applied tag was accepted, pending, or denied by a user from the Cyprus Forest Industries team. The dashboard provided both teams with real-time visibility of the reviewing process and the progress of the specified comments.
3. Performing Validation Checks For Detecting Errors And Warnings
Another crucial aspect of the IRIS CARBON®’s review training process was the validation of the 2020 iXBRL annual report. Ideal ESEF compliance software must give an ability to perform validation tests on the platform itself and identify any problems (errors or warning indicators) in the tagged document.
IRIS CARBON® incorporates an XII-accredited Bushchat validator, allowing the team Cyprus Forest Industries to run validations in real-time and instantly detect all errors and warnings in the 2020 iXBRL annual report. Consequently, the errors were instantly identified and resolved. This resulted in significant time savings and a high-quality, error-free output file.
4. Getting The 2020 iXBRL Annual Report Signed-off By Auditors
Auditors assessed and approved Cyprus Forest Industries’ 2020 iXBRL annual report. This indicates that the auditor authorized the tags applied to the 2020 iXBRL annual report and that the same tags could be used to generate the 2021 iXBRL annual report in the future.
5. Successful First-Ever ESEF iXBRL Live Filing In 2021
As a starting point for the 2021 ESEF file, the 2020 iXBRL annual report was used. Team Cyprus Forest Industries provided the fiscal year 2021 data with team IRIS CARBON®, and the same procedure was used to generate the 2021 iXBRL annual report as it was for the 2020 iXBRL file. In 2021, the procedure for developing and generating an iXBRL report became significantly more streamlined because of the intensive training sessions and quick response from the XBRL experts on the queries raised by Cyprus Forest Industries. Therefore, there was a rapid turnaround, resulting in the timely submission of the annual report.