Customer Profile
Headquartered in Brescia, Cembre is today the leading Italian manufacturer and one of the largest European manufacturers of electrical compression connectors and related installation tooling. Their extensive know-how in the field of electrical connectors, strong R&D activity, and continuous innovation in manufacturing technologies and product specifications allow Cembre to respond quickly to an increasingly demanding market expectation for high-quality products that are reliable, durable, and safe.
Partner Profile
Sigma Conso – a Prophix Company provides software, training, and services in the field of Corporate Performance Management (CPM). As an innovative leader in cloud-based CPM, Prophix enables mid-market companies across multiple industries worldwide to improve their financial reporting capabilities, while also standardizing and streamlining the budgeting process to generate significant ROI through a faster time to close, reduction in budgeting errors, and an ability to forecast in a more agile way.
Integrating Sigma Consoʼs financial close management tools with Prophixʼs cloud CPM software provides their customers with more powerful and flexible consolidation and reporting capabilities that address even the most complex audit demands.
IRIS CARBON® has formed a partnership with Sigma Conso to offer its services on the European market. IRIS CARBON® is an intuitive platform that can manage all ESEF compliance process operations in a streamlined manner. In turn, this results in a high-quality digital ESEF filing that meets the information needs of all stakeholders.
Why Cembre Chose IRIS CARBON®
Beginning on 1 January 2020, the European Securities and Markets Authority (ESMA) ordered all the EU-listed firms to submit their annual financial reports using the European Single Electronic Format (ESEF) instead of the traditionally accepted PDF format.
When Cembre started looking for an iXBRL software solution to help them comply with the ESEF mandate that would assist them in meeting the standards for regulatory compliance.
After careful consideration, Cembre decided to work with Sigma Conso-IRIS CARBON® on starting their ESEF compliance process
1. Newly Rolled ESEF Mandate Supported iXBRL Format
To effectively comply with the recently introduced ESEF mandate, team Cembre required an ESEF complying solution that was intuitive and easy to interpret and work with. They were seeking professional assistance for iXBRL tagging per the latest ESEF taxonomy, to achieve a high-quality annual report.
2. IRIS CARBON® Came With A Strong Reference Base
When team Cembre began preparing to meet the requirements of the ESEF mandate, they spared no effort in their search for the ideal ESEF compliance software vendor. Cembreʼs partner Sigma Conso recommended IRIS CARBON’s ESEF reporting solution and services.
IRIS CARBON® offered a user-friendly interface, making it possible to breeze through the digital compliance process for the ESEF submission. Existing clients who had already used IRIS CARBON® to create their annual reports in iXBRL format provided evidence that the quality of the output generated met the regulatory expectations. Because of this, team Cembre was able to gain their faith in IRIS CARBON®.
Project Objectives
Sigma Conso-IRIS CARBON® and Cembre defined the following project objectives for ESEF reporting
- Converting Cembre’s 2019 Annual Report to the iXBRL Format
- IRIS CARBON®ʼs training package smoothens the ESEF Compliance Process
- Creating Cembre’s 2020 iXBRL Annual Report
- Preparing for the 2021 Live Filling
The IRIS CARBON® Approach
Cembre’s ESEF reporting was handled by the IRIS CARBON® team following the above-stated objectives.
1. Converting Cembre’s 2019 Annual Report To The iXBRL Format
Team IRIS CARBON® began by doing a dry run using Cembre’s 2019 annual report that had previously been published. The 2019 annual report of Cembre had to be loaded onto the IRIS CARBON® platform. This annual report was then tagged with the most relevant concepts based on the ESEF taxonomy. Where ever there was an appropriate tag missing, extensions were created and further anchoring relations were defined.
On successful creation of the 2019 iXBRL annual report, IRIS CARBON® then proceeded by validating the files to ensure that they were error-free.
2. IRIS CARBON®ʼs Training Package Smoothens The ESEF Compliance Process
To efficiently comply with the newly rolled ESEF mandate rules, it became necessary for IRIS CARBON® to organize training sessions around the fundamentals of XBRL, iXBRL, and the difference between them. IRIS CARBON® walked Cembre through the recently published ESEF taxonomy.
There were even sessions held to provide a brief overview of the IRIS CARBON® dashboard. During these, team Cembre was assisted to know how to monitor the status of the annual report reviewing process.
XBRL experts from IRIS CARBON® shared tips about validating the iXBRL files and checking for any errors or warning indications. This would help in generating supreme-quality output files for the final publishing.
3. Creating Cembre’s 2020 iXBRL Annual Report
Once Cembre approved the 2019 iXBRL annual report, IRIS CARBON® had the base set for the subsequent year’s annual filing. A similar process was followed for creating the 2020 iXBRL annual report for Cembre.
Cembre provided IRIS CARBON®ʼs team with the annual report data for the fiscal year 2020. This was further loaded on the IRIS CARBON® platform. Using the rollover function, the approved tags from the 2019 iXBRL annual report were reapplied to the iXBRL 2020 annual report. For new line items, additional tags were applied. Extensions and anchoring relationships were also embedded, wherever needed.
Once the 2020 iXBRL annual report was successfully created, team Cembre was asked to review, audit, suggest any changes, and then approve the same.
4. Preparing For The 2021 Live Filling
Similar steps were followed to comply with the 2021 ESEF live/mandatory filing. The 2020 iXBRL annual report formed the base document. The data for the annual report for the fiscal year 2021 was updated on the IRIS CARBON® platform. On the iXBRL 2021 annual report, the previously approved tags were reapplied using the rollover function.
The 2021 iXBRL annual report was then reviewed and approved by Cembre.
Key Results Achieved
Cembre was successful in accomplishing its objectives as a result of its decision to use IRIS CARBON® as the iXBRL reporting and compliance solution. The efficiency of the IRIS CARBON® platform helped in coming up with a streamlined and hassle-free approach for Cembreʼs fruitful ESEF filing in the mandated iXBRL format.
