Customer Profile
Coop Pank is an Estonian bank headquartered in Tallinn. The bank operates only in Estonia and uses the synergy between retail trade and banking bringing everyday banking services closer to where people live. The mission of the bank is to give impetus to Estonian companies and help people realize their dreams in every corner of Estonia – both in the countryside and in the city. Coop Pank offers everyday banking and financing solutions both, for private and business customers.
Business Challenges
From 1 January 2020, listed firms in the EU were required to prepare their annual financial reports using the European Single Electronic Format (ESEF). The ESEF mandates using Inline Extensible Business Reporting Language (iXBRL) format instead of the previously accepted PDF format. This electronic reporting facilitates quick analysis and comparison of financial statements.
When complying with the ESEF mandate, Coop Pank faced the following challenges:
1. Banking iXBRL reporting is far too complex
Banking disclosures are very different compared to disclosures for commercial and industrial organizations. And therefore the process of reporting for a bank in the newly adopted iXBRL format requires domain expert advice, opinions, and approaches to process the annual reports.
2. No internal expertise for iXBRL processing
The iXBRL updates in the ESEF mandate were newly rolled out and Coop Pank required an ESEF solution that was intuitive and easily comprehensible. The familiarity with the iXBRL reporting was less. So team Coop Pank looked for an ESEF compliance vendor backed by XBRL specialists.
Why Coop Pank Choose IRIS CARBON®?
Here are the three reasons for Coop Pank trusting IRIS CARBON® for their ESEF filing process:
1. Attractive Pricing
While scrutinizing options for complying with the ESEF, Coop Pank required a software solution that was cost-effective and budget-friendly. IRIS CARBON® promised to deliver a high-quality iXBRL ESEF reporting solution at an attractive price.
2. Outstanding XBRL and iXBRL Expertise
Team Coop Pank evaluated several software vendors. IRIS CARBON® outshined other solutions because of the strong iiXBRL and iXBRL expertise and had a vast product reach across the 23 countries.
3. IRIS CARBON® came with Numerous Strong References
The ESEF reporting solution and services provided by IRIS CARBON® were highly recommended by renowned organizations in Estonia. The strong references helped team Coop Pank sign an outsourcing contract with IRIS CARBON®.
Project Objectives
The starting point for Coop Pank for the ESEF compliance was to collectively identify and prioritize the most significant challenges, with IRIS CARBON®.
The following objectives had been set forward for implementation purposes:
- Complying with the ESEF iXBRL requirement required expert opinion and approach from the IRIS CARBON® team.
- Conducting a dry run with the 2020 annual report and getting trained on the following:
- Acquiring the knowledge of the ESEF mandate,
- Familiarizing with the ESEF taxonomy and banking-related tagging applicable,
- Review of the tagging performed by IRIS CARBON® experts.
- Adherence to the stringent internal and external deadlines:
Meeting deadlines for complying with the ESEF for a bank is very crucial. This required synchronizing the ESEF mandate requirements within the strict timelines of the bank board meetings and the banking regulations.
The IRIS CARBON® Approach
With these previously stated project objectives in mind, IRIS CARBON® handled Coop Pank’s ESEF reports in the following manner:
1. Setting Up Coop Pank’s 2019 Document
IRIS CARBON® started by setting up the Coop Pank’s 2019 base document by using their already published 2019 annual report. This required loading the 2019 annual report onto the IRIS CARBON® platform. Appropriate tags were then selected from the ESEF taxonomy and applied to the base document.
XBRL experts at IRIS CARBON® came across situations where there was no specific element in the ESEF taxonomy matching the line items mentioned in the annual report. At that point, they created custom elements (also known as extensions) to map the unique or company-specific disclosures. Anchoring relationships were then used to further define these extensions.
Team IRIS CARBON® then validated the files to verify they were error-free.
2. Training Sessions On Reviewing The iXBRL Tagging
Once the base document was ready, IRIS CARBON® planned training sessions around the ESEF mandate and review module of the platform. IRIS CARBON® walked team Coop Pank through the ESEF taxonomy. Several important concepts on ‘how to review the iXBRL documents’ and ‘validating the files using an integrated XII certified Bushchat validator’ were discussed. With this information in hand, team Coop Pank was able to conduct a thorough assessment of tags in the newly generated 2019 iXBRL annual report.
The workshops were held using a variety of extensive educational videos on using the IRIS CARBON® platform’s review module and the dashboard. Video recordings were maintained for future reference.
3. 2020 iXBRL Annual Report Was Processed by IRIS CARBON® Before Audit
As a result of Coop Pank’s review and approval of the iXBRL 2019 annual report, IRIS CARBON® had the base ready for the iXBRL 2020 annual report. Now when it came to the ESEF 2020 filing, a similar procedure was followed. Coop Pank provided the data for the fiscal year 2020, this was further loaded on the IRIS CARBON® platform. Using IRIS CARBON®’s rollover function, the previously approved tags by team Coop Pank were used to reapply on the iXBRL 2020 annual report. Where necessary additional tags, extensions, and anchors were created and added to the 2020 XBRL document.
Once the iXBRL 2020 annual report was processed Coop Pank was asked to review the report and then approve the same. Following this process, the final iXBRL 2020 annual report was audited and taken ahead for test-filing.
In 2021, Coop Pank voluntarily filed its 2020 annual report in iXBRL format.
Click here to access Coop Pank’s iXBRL 2020 annual report in ESEF format.
4. Creation And Submission of 2021 iXBRL Annual Report
On receiving the data for the 2021 annual report, IRIS CARBON® started processing the iXBRL documents. The steps and groundwork conducted for developing the 2020 iXBRL annual report were repeated to create a high-quality 2021 iXBRL annual report.
Team Coop Pank then reviewed and approved the 2021 iXBRL annual report. When it came to reviewing the ESEF annual report, we found the Coop Pank team had become well-acquainted with the review module of the IRIS CARBON® platform because of our educational videos. The stage was now set for the 2021 iXBRL annual report’s live filing.
The final 2021 iXBRL annual report was then audited and filed with the regulator per mandatory guidelines. Team Coop Pank published the iXBRL report and complete ESEF iXBRL reporting package, on their website.
“We had a great experience using IRIS CARBON® for ESEF compliance. It is a tool with exceptional functionalities that helps with a transparent ESEF reporting process. Their highly professional support team is worthy of special mention. I would give the training sessions organized by IRIS CARBON® a 10/10. Keep up the good work. I would highly recommend an IRIS CARBON® experience.”
Anna Krasnova
Chief Accountant
Key Results Achieved
Coop Pank was able to achieve its objectives by using IRIS CARBON® as its iXBRL reporting and compliance solution. The platform’s intuitiveness and the training sessions by our XBRL experts are to be credited for the following results:
