The IRIS CARBON® Approach
Grupo Média Capitalʻs ESEF reporting was handled by IRIS CARBON® in the following manner
1. iXBRL Creation For The 2020 Annual Report (Dry-Run)
XBRL experts from IRIS CARBON® began by performing a dry run for Grupo Média Capital by utilizing the company’s 2020 annual report that was available at the time.
As part of the process of doing a dry run, the 2020 annual report for Grupo Média Capital was loaded onto the IRIS CARBON® platform. The annual report for 2020 was embedded with the necessary tags selected from the recent ESEF taxonomy. In the absence of suitable tags, team IRIS CARBON® developed extensions and further anchoring relationships were specified for these extensions.
IRIS CARBON® had gone as far as validating the files on their end with a multi-layered quality review and validation process, to ensure that there are no signs of errors present in the generated iXBRL file.
2. About The XBRL, iXBRL, and Complying With The ESEF Mandate Process
The shift from publishing an annual report in PDF format to iXBRL format made it vital for IRIS CARBON® to brief the Grupo Média Capital team about the entire ESEF filing process. Sessions on covering the fundamentals of XBRL, iXBRL, their distinctions, and the details about the newly rolled ESEF mandate and the released taxonomy.
3. Understanding IRIS CARBON® Platformʼs Review Module
Well-designed training sessions were organized by the IRIS CARBON® XBRL experts team including the key ideas for the annual report review process. These training sessions were primarily intended to familiarise the Grupo Média Capital team with the IRIS CARBON® platform. For inculcating relative understanding, the IRIS CARBON® team used the recently created 2020 iXBRL annual report (in the dry run) for demonstrating the entire review process.
IRIS CARBON® platform review module made it easy for team Grupo Média Capital to approve the applied XBRL tags on the 2020 iXBRL annual report. Team Grupo Média Capital leveraged the IRIS CARBON® platform’s ‘commenting’ feature to submit queries where there were issues that required more clarification. The ‘commenting’ feature allowed submitting change requests if any. This feature enabled them to connect directly with the XBRL expert team at IRIS CARBON® who promptly reverted to the queries posed by the Grupo Média Capital team through the platform, there and then.
What made the IRIS CARBON® platform special was a summary of the ʻdashboardʼ. This helped in monitoring the entire reviewing process of the iXBRL 2020 annual report. The dashboard indicates if the applied tag was accepted, pending, or rejected. It even showed the comment status, like – the number of comments that have been addressed or are still pending. The dashboard provided both teams with real-time visibility into the reviewing process and the progress of the specified remarks.
An ideal ESEF compliance software supports validation and evaluates the tagged document for any issues (errors or warning indications). IRIS CARBON® has an integrated XII-accredited Bushchat validator, that enables executing validations in real-time and promptly identifies all errors in the annual report. Therefore, team Grupo Média Capital saved a substantial amount of time and produced an error-free, high-quality output file.
4. iXBRL Creation Of 2021 Annual Report (Live Filing)
The 2020 ESEF iXBRL yearly report served as the foundation or the base for the 2021 ESEF iXBRL file. Team Grupo Média Capital provided the fiscal year 2021 annual report data, which was then loaded onto the IRIS CARBON® platform. Using the rollover feature of IRIS CARBON®, all the previously authorized tags were then reapplied to the iXBRL 2021 annual report. Additional line items in the 2021 annual report were either tagged or anchored (based on the extensions created).
Once the iXBRL 2021 annual report was created by IRIS CARBON®, the same report was shared with Grupo Média Capital and the auditors for reviewing purposes. On approval and signing off, Grupo Média Capital filed its 2021 annual report in the iXBRL format.
It can be said that the simulation of the 2020 iXBRL annual report and the accompanying training workshops expedited the entire review process for the year 2021.