IRIS CARBON Helps SIF Banat-Crisana File ESEF iXBRL Effortlessly

Category : ESEF Reporting

Customer Profile

Societatea de Investiții Financiare (SIF) Banat-Crișana S.A. was established in November 1996 as a joint-stock company being a Romanian legal entity with entirely private capital, with the duration of the company’s operation of 99 years. SIF

Banat-Crișana was established as a self-managed investment company and authorized by the Financial Supervision Authority (ASF) as an Alternative Investment Fund Administrator (AIFM).

The main activity of SIF Banat-Crișana, according to CAEN (National Classification of Economic Activities) is financial intermediation, except for insurance and pension funds activities. This includes:

Portfolio management Risk managementOther activities carried out within the
collective management of an investment fund, allowed by the legislation in force.
SIF Banat-Crișana has one branch, located in Bucharest, an entity with no legal personality, having the same activity field as the parent company.

Business Challenges

Compliance with the recently imposed (January 2020 onwards) ESEF directive became a challenge for team SIF Banat-Crișana. To efficiently comply with the ESEF mandate, SIF Banat-Crișana required an ESEF solution that was easy to understand. SIF Banat-Crișana had never previously converted an annual report to the recently adopted iXBRL format. The usage of the ESEF taxonomy, the tagging of line items with relevant concepts from the ESEF taxonomy, the development of extensions where necessary, the anchoring of these newly formed extensions to their corresponding relationships, and the execution of validation checks upon completion. To achieve ESEF compliance of the highest quality, SIF Banat-Crișana sought out a software vendor with strong XBRL expertise.

Why SIF Banat-Crișana Chose IRIS CARBON®

Here is the reason for SIF Banat-Crișana trusting IRIS CARBON® for the ESEF filing process:

An Appreciable Product Providing Value

SIF Banat-Crișana considered many factors before searching for their ideal ESEF compliance solution like

Usability of the platform,
Product demonstration presentations way of delivery and language used, and
Response from the sales team regarding the queries raised by team SIF Banat-Criçana

“What we like most about the IRIS CARBON® platform was that it was straightforward and intuitive. Using IRIS CARBON® seemed similar to using Microsoft Office. It came naturally to get used to it. We had seen presentations by other competitive products in the XBRL space but IRIS CARBON® was way better than other web-based platforms. It even gave access to auditors making it quick and easy to get the iXBRL signed off by them. IRIS CARBON® as a cloud-based platform grants access to each person to get involved and view the ESEF compliance process end-to-end. But is still very secure.” Adding more, “The team and their services at IRIS CARBON® earned a brownie point for being available even on the weekends to help us successfully file our annual report in iXBRL format.”
Dorel BABA
Director Economic

Project Objectives

SIF Banat-Crișana prioritized its ESEF compliance challenges and collectively with team IRIS CARBON® decided on achieving the following objectives

The IRIS CARBON® Approach

1. Setting Up SIF Banat-Crișana’s 2019 iXBRL Document

IRIS CARBON® started by setting up the SIF Banat-Crișana’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 For Comprehending And Reviewing iXBRL Tags Easily

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 SIF Banat-Crișana 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 SIF Banat-Crișana was able to conduct a thorough assessment of tags in the newly generated 2019 iXBRL annual report. Ensuring that the team SIF Banat-Crișana was familiar with the procedure and the platform right from the start. 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. The training sessions even included monitoring of tags applied and raising queries through the IRIS CARBON®’s commenting feature.

3. Preparing The 2020 iXBRL Annual Report

On successful completion of the training sessions held by IRIS CARBON®, team SIF Banat-Crișana was then asked to review and approve the 2019 iXBRL annual report. As a result of SIF Banat-Crișana’s approval of the 2019 iXBRL annual report, IRIS CARBON® now had the base ready for the 2020 iXBRL annual report. For the ESEF 2020 filing, a similar procedure was followed. SIF Banat-Crișana 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 SIF Banat-Crișana 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 SIF Banat-Crișana was asked to review the report and then approve the same.

4. Efficient Live iXBRL ESEF 2021 Filing

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 SIF Banat-Crișana then reviewed and approved the 2021 iXBRL annual report. The same iXBRL file was taken ahead of the mandatory/live filing with the regulators.

Key Results Achieved

IRIS CARBON® helped Team SIF Banat-Crișana achieve a successful ESEF 2021 live filing. User-friendliness and unlimited support from the IRIS CARBON® team led to a streamlined, easy-to-follow, and high-quality digital ESEF filing process, right on time without any delays. Despite the tight deadlines, the SIF Banat-Crișana team was able to meet all the requirements mandated by the regulators regarding the ESEF iXBRL format. SIF Banat-Crișana became confident in reviewing the iXBRL file using the IRIS CARBON® platform for their future submissions.

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