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.