Customer Profile
M SAN Grupa was founded in 1995. In 1999, the company topped the list of major Croatian IT companies and still is consistently holding the position to this day. The M SAN Grupa operates on EU territory, as well as in several closers and more distant countries.
The group comprises a number of regional companies: Kim Tec Serbia, Kim Tec Bosnia, and Herzegovina, Pakom Kompani Macedonia, Kim Tec Montenegro, and AskTec Kosovo, and has more than 6,100 partners. The company’s regional distribution model guarantees in dependability, financial stability, and cost optimization to its suppliers and partners, through the centralized ordering and a single delivery point.
Business Challenges
Formerly, the listed firms in the European Union region submitted their annual reports to the regulators in PDF format. The newly implemented European Single Electronic Format (ESEF) mandate replaces PDF with Inline Extensible Business Reporting Language (iXBRL) beginning from January 2020.
M SAN Grupa faced the following business challenges when complying with the ESEF mandate
Why M SAN Grupa Chose IRIS CARBON®
Here are the reasons for M SAN Grupa trusting IRIS CARBON® for their 2021 ESEF filing process
IRIS CARBON® Was Supported By Multiple Solid Reference
The IRIS CARBON® ESEF reporting solution and services were highly recommended by prestigious Croatian organizations. Even their auditors gave positive feedback about the IRIS CARBON® platform. Strong recommendations packaged with affordable pricing and extensive support helped M SAN Grupa to sign a deal for outsourcing services with IRIS CARBON®.
IRIS CARBON® Supports Multiple Languages
M SAN Grupa looked for an ESEF compliance software that swiftly translated the annual report information into both Croatian as well as English language. IRIS CARBON® provided one single platform for multiple languages across the EU region. All the 23 official EU languages are supported by the IRIS CARBON® platform. This offers unrivaled ease of use to users from all over the EU region. The translation happened quickly and accurately.
Project Objectives
M SAN Grupa prioritized its ESEF compliance challenges and collectively with team IRIS CARBON® decided on achieving the following objectives
- Performing dry run to create the iXBRL 2020 annual report Hands-on training sessions for making the reviewing of tags easy
- Bona fide calendar planning in collaboration with team M SAN Grupa
- Getting the 2020 iXBRL file authorized by the auditors Hassle-free iXBRL ESEF live filing for the year 2021
The IRIS CARBON® Approach
1. Performing Dry Run To Create iXBRL 2020 Annual Report
IRIS CARBON® carried out a dry run using the M SAN Grupa’s 2020 annual report to simulate potential output. To complete the dry run process, the IRIS CARBON® platform needed to be loaded with the recently published M SAN Grupa’s 2020 annual report in both Croatian and English languages.
The recent version of the ESEF taxonomy was included in the IRIS CARBON® platform. Using the ESEF taxonomy concepts, the annual report for M SAN Grupa in 2020 was tagged appropriately and as mandated. The automated tagging capability of the IRIS CARBON® platform permitted the accurate application of tags to the ESEF document leveraging AI and ML. In the absence of suitable tags, team IRIS CARBON® developed extensions and further anchoring relationships were specified for these extensions.
IRIS CARBON® validated the files on their end with a multi-layered quality review and validation process to guarantee that the resulting iXBRL file had no errors.
2. Hands-on Training Sessions For Making The Reviewing of Tags Easy
To better understand the XBRL, iXBRL, and the ESEF mandate, the IRIS CARBON® team organized a series of training sessions. M SAN Grupa’s ESEF iXBRL reporting team was given a brief overview of the entire ESEF reporting process by the XBRL experts from IRIS CARBON®. They ensured that the M SAN Grupa’s team was familiar with the procedure and the platform right from the start.
Using the 2020 iXBRL annual report, team M SAN Grupa was provided an overview of the IRIS CARBON® dashboard to align them with the iXBRL review process. The training sessions included monitoring of tags applied and raising queries through the IRIS CARBON®ʼs commenting feature.
Team M SAN Grupa was then asked to review and approve the iXBRL 2020 annual report following the completion of the hands-on training sessions.
3. Bona fide Calendar Planning In Collaboration With Team M SAN Grupa
The next step towards an effective ESEF filing is calendar planning. IRIS CARBON® and M SAN Grupa collaborated on the
way of coordinating their calendar and noting the significant dates and due dates that needed to be accomplished. They made sure that both the internal deadline for M SAN Grupa as well as the reporting deadline for the ESEF mandate were taken into mind, and this was done well in advance. This contributes to establishing a realistic timeline for M SAN Grupa. As soon as the timeframe was figured out, the IRIS CARBON® team got to work putting together an appropriate support plan that would cater to the requirements of M SAN Grupa.
M SAN Grupa sought an expedited iXBRL generation from IRIS CARBON® because they indicated that their schedules would be highly constrained.
4. Getting the 2020 iXBRL File Authorized By The Auditors
Once team M SAN Grupa had signed off the iXBRL 2020 annual report created by IRIS CARBON® and the dates were marked on the calendar, the same report was shared with the auditors. Auditors reviewed the file and provided their comments on the same. The comments mentioned by the auditors were then addressed and included in the 2020 iXBRL annual report. The auditors were again provided with the updated version of the iXBRL file.
Finally, auditors approved the 2020 iXBRL annual report and authorized the iXBRL document. This meant that the
accepted tags can then be utilized to generate M SAN Grupa’s subsequent year’s annual report in the iXBRL format.
5. Hassle-free iXBRL ESEF Live Filing For The Year 2021
For preparing the 2021 iXBRL file, the previously prepared and approved 2020 iXBRL annual report was used as the base document. Team M SAN Grupa provided the annual report data for the fiscal year 2021, which was further loaded on the IRIS CARBON® platform. Using IRIS CARBON®ʼs rollover function, the previously approved tags were reapplied on the iXBRL 2021 annual report. The 2021 annual report had some additional line items that were either tagged or anchored (based on the extensions created).
The dry-run of the 2020 iXBRL annual report packaged along with the hands-on training sessions streamlined the review process this time, leading to a quicker turnaround time. M SAN Grupa was able to perform validations and instantly spot errors (if any) in the developed 2021 iXBRL annual report leveraging the integrated XII-certified integrated Bushchat validator on the IRIS CARBON® platform. Saving a lot of time and ensuring an obligatory ESEF submission devoid of all errors.
“The interface was extremely user-friendly, similar to the publishing software that I had used before, so easy enough to adapt to. Navigating from one section to the other of the annual report on the platform comes with the simple click of a button.” He adds “I was impressed to see that the documents came out to be a true copy of the PDF. The PDF and iXBRL document were just identical.”
As David
Chief Financial Officer
Key Results Achieved
IRIS CARBON® helped Team M SAN Grupa achieve a successful ESEF 2021 live filing. User-friendliness and unlimited support from the IRIS CARBON® team led to the following results:
