Category : ESEF Reporting
CMS Systems Solutions Ltd is a global provider of a vast array of professional services and solutions including IFRS Financial Statements, Consolidations, Tax Returns, Capital Statements, Time and Billings, and ISA Compliant Audits. They are the authorized distributor of CaseWare International Inc. in Cyprus and Greece, the company offers solutions for accountants and auditors working in practice, in corporations, and in the government sector. Their Smart-Tools help in completing tasks faster and gives their customers a competitive advantage over the competitors.
CMS Systems Solutions is IRIS CARBON®’s partner catering to the Cyprus market. IRIS CARBON® is an intuitive platform that can handle all functions involved in the ESEF compliance process seamlessly – leading up to a high-quality digital filing that serves the information needs of all stakeholders.
When complying with the ESEF mandate of publishing the annual report in iXBRL format from January 2020 onwards, Cyprus Forest Industries faced the following business challenges
To efficiently comply with the ESEF mandate, Cyprus Forest Industries wanted an ESEF solution that was clear and simple to comprehend. Cyprus Forest Industries was unfamiliar with the process of changing the annual report to the newly adopted iXBRL format, as they had never done it before. The entire process seemed stressful. This was new for the team Cyprus Forest Industries, the iXBRL format required using the ESEF taxonomy, tagging of line items with relevant concepts mentioned in the ESEF taxonomy, creation of extensions where necessary, anchoring of these newly created extensions to their corresponding relationships, and running validation checks to ensure that the report generated is free from errors.
Henceforth, Cyprus Forest Industries sought out a software vendor with extensive XBRL experience and knowledge
When Cyprus Forest Industries began evaluating ESEF compliance software suppliers, they sought a service provider that could meet their stringent publication deadlines and produce high-quality iXBRL.
The tight timelines necessitated that an ESEF compliance software provider must lead to generating a high-quality ESEF iXBRL file within a shorter amount of time. In a nutshell, the team at Cyprus Forest Industries sought a service provider with substantial experience in the XBRL domain, who has managed customer filings with outstanding quality and strict timelines.
Cyprus Forest Industries agreed to an outsourcing contract with CMS-IRIS CARBON® because of the following two parameters
“What we most liked about IRIS CARBON® was their interactive product that comes packaged with unlimited and on-time support, making the ESEF filing procedure appear really simple. As commendable is the design of the software, so are the XBRL domain experts at IRIS CARBON® behind that make the overall experience great.”
Harris Charalambous
General Manager
As part of Cyprus Forest Industries’ path towards ESEF compliance with CMS-IRIS CARBON®, teams collectively prioritized the most pressing issues.
Cyprus Forest Industries complied with the ESEF mandate by implementing IRIS CARBON® as its iXBRL reporting software solution. Team IRIS CARBON® assisted Cyprus Forest Industries during all phases of the ESEF reporting process.
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