The IRIS CARBON® Approach
Vilkyskiu Pienine AB’s ESEF reporting was handled by IRIS CARBON® in the following manner:
A Dry-Run iXBRL Report Was Created For The 2019 Annual Report
IRIS CARBON® began with a dry run using Vilkyskiu Pienine AB’s published 2019 annual report. The report was uploaded on the IRIS CARBON® platform and the XBRL tags relevant to Vilkyskiu Pienine AB’s disclosures were selected from the ESEF taxonomy and applied to the disclosures. For company-specific disclosures with no corresponding ESEF taxonomy tags, IRIS CARBON® experts created extension elements. These extensions were further defined by anchoring relationships. Team IRIS CARBON® proceeded to validate the report to ensure it was error-free.
Creation Of The 2020 iXBRL Annual Report
Vilkyskiu Pienine AB provided its annual report data for the fiscal year 2020 which was loaded onto IRIS CARBON®. A process similar to the 2019 dry run was followed. Using IRIS CARBON®’s rollover function, the tags used in the 2019 iXBRL annual report were reapplied to the 2020 report. Additional tags, extensions, and anchoring relationships were applied wherever needed. During this process, some inconsistencies were discovered, communicated to the client team, and resolved.
Review Training By IRIS CARBON® Experts
The 2020 iXBRL annual report was shared with team Vilkyskiu Pienine AB for their review. IRIS CARBON® organized training sessions to provide the client team with an overview of the dashboard to help them track their progress while reviewing the 2020 annual report. IRIS CARBON®’s educational videos and recordings helped team Vilkyskiu Pienine AB understand how tags must be reviewed using the platform’s review module. Once the hands-on training sessions ended, team Vilkyskiu Pienine AB expedited the validation of their 2020 iXBRL files.
Auditor Review For Approval And Test Filing
The auditors reviewed Vilkyskiu Pienine AB’s 2020 iXBRL annual report and signed off the same. This meant that the tags applied on the 2020 iXBRL annual report were approved by the auditors and the same tags could be leveraged while creating the next year’s (2021) iXBRL annual report. This 2020 iXBRL report that the auditors approved was Test filed with the regulator – the Bank of Lithuania.
Creation Of The iXBRL 2021 Annual Report For Live Filing
For the 2021 ESEF filing, the previously prepared 2020 iXBRL annual report was used as a base document. A process similar to the creation of the 2020 iXBRL annual report was followed for the 2021 iXBRL annual report. The critical points were taken care of by team IRIS CARBON®. The process was a lot more streamlined this time and, hence, the turnaround time was shorter.
Validating The iXBRL 2021 Annual Report
Once the 2021 iXBRL annual report was prepared, team Vivli ran it through the validation process. The IRIS CARBON® platform comes with an XBRL International-certified validator – IRIS Bushchat – which enabled Vilkyskiu Pienine AB to conduct real-time validations and instantly identify errors in the iXBRL 2021 annual report. This saved much time and ensured that the resulting file was error-free and of the highest possible quality.
Incorporation Of Auditor’s Opinion And Live-Filling
Vilkyskiu Pienine AB shared the opinion of the auditors with team IRIS CARBON®, after which the suggested changes were incorporated in the 2021 iXBRL annual report. The final iXBRL documents were then handed back to Vilkyskiu Pienine AB. In 2022, Vilkyskiu Pienine AB filed its 2021 annual report in the iXBRL format with the regulator, the Bank of Lithuania.