The IRIS CARBON® Approach
ESEF reporting for Hepsor was handled by the IRIS CARBON®’s team per the above-stated objectives
1. Converting The 2020 Annual Report To The Newly Prescribed iXBRL Format
IRIS CARBON® conducted a dry run leveraging the recently published 2020 annual report for Hepsor. The dry run approach involved uploading Hepsor’s 2020 annual report to the IRIS CARBON® platform.
The most recent version of the ESEF taxonomy was included in the IRIS CARBON® system. This helped appropriately tag Hepsor’s 2020 annual report per the concepts stated in the ESEF taxonomy. The automated tagging capability of the IRIS CARBON® platform enabled the ESEF document to be accurately tagged using Artificial Intelligence and Machine Learning. The line items were intuitively labeled following the latest 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 Hepsor’s 2020 iXBRL ESEF files before forwarding them to Hepsor. It was verified that there were no indications of probable errors or warnings in the iXBRL file.
2. Training Sessions Guiding Hepsor To Examine The 2020 iXBRL annual report
The purpose of these training sessions was to familiarize the Hepsor team with the IRIS CARBON® platform and its interface. As soon as the team Hepsor received the 2020 iXBRL annual report, IRIS CARBON® began training them for reviewing the iXBRL files.
Sessions included demonstrations of the IRIS CARBON® platform’s review module. The Hepsor team was then able to approve the assigned XBRL tags for the iXBRL annual report for 2020. They could even utilize the platform’s ‘commenting’ feature to offer questions or modification requests regarding any concerns that required clarification. The ‘commenting’ capability allowed them to communicate directly with the IRIS CARBON® XBRL expert team. The XBRL expert team at IRIS CARBON® answered via the platform itself any questions or change requests given by the team Hepsor.
On the IRIS CARBON® dashboard, a summary overview of the entire review process was supplied so that the 2020 iXBRL annual report could be tracked at each stage. This even showed if the tag was accepted, pending, or rejected by a Hepsor team member. The dashboard gave both parties real-time visibility into the reviewing process and the status of the designated remarks.
3. Conducting Validation Checks On The 2020 iXBRL Annual Report
The validation of the 2020 iXBRL annual report was another key part of the IRIS CARBON® review training process. Ideal ESEF compliance software must perform validation tests on the platform and identify any problems (errors or warning indicators) in the tagged document.
IRIS CARBON® came with an integrated XII-accredited ‘Bushchat’ validator, allowing team Hepsor to run validations in real-time and instantly discover all errors and warnings in the iXBRL 2020 annual report.
Consequently, the issues were instantly identified and resolved. This resulted in significant time savings and a high-quality, 100% error-free output file.
4. Attaining Authorization Of Tags On The iXBRL By The Auditors
The auditors evaluated and approved the 2020 iXBRL annual report for Hepsor. This meant that tags applied to the 2020 iXBRL annual report were accepted by the auditor and that the same tags can be used when generating the 2021 iXBRL annual report.
5. Preparing The 2021 iXBRL Annual Report For Live ESEF Filing
As a starting point for the 2021 ESEF file, the 2020 iXBRL annual report was utilized. Team Hepsor shared the fiscal year 2021 data with team IRIS CARBON®, and the same procedure was used to create the 2021 iXBRL annual report as it was for the 2020 iXBRL file. In 2021, the procedure for developing and generating the output of the iXBRL report became significantly more streamlined. Therefore, there was a rapid turnaround, resulting in the timely submission of the annual report.
In 2022, Hepsor successfully filed the 2021 annual report in the iXBRL format with the regulator (Estonian Securities Market).