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.