The IRIS CARBON® Approach
Team Nordecon decided to outsource ESEF report creation to IRIS CARBON®. The following is the process that IRIS CARBON® and Nordecon agreed upon and implemented.
Training and Onboarding (2019 AFR)
The first step in getting team Nordecon on the path to ESEF compliance was training them to use the IRIS CARBON® platform and demonstrate the iXBRL tag selection process. For that purpose, Nordeconʼs 2019 annual financial report was set up on the IRIS CARBON® platform in Estonian and English. Thereafter, team IRIS CARBON® tagged Nordeconʼs five primary financial statements. This training process would come in handy when it was time for team Nordecon to review the finished ESEF document each year.
Dry Run and Test Filing (2020 AFR)
Once team Nordecon was trained on the basic ESEF procedure using their 2019 annual report, it was time to put the learnings into practice. In 2020, Nordecon had the option to postpone their live ESEF filings by one year. However, Nordecon decided to go for a dry run with their 2020 iXBRL-tagged annual report and do a test filing with their national regulator. The process was simpler this time. The 2019 report simply had to be rolled forward for the same iXBRL tags to be replicated in the 2020 report. Nordeconʼs auditors were happy with the tagging and had no adverse comments to offer. The company had a smooth test filing process with the Estonian regulator.
Successful Mandatory Filing (2021 AFR)
By this point, team Nordecon had seen two of their annual reports go through the ESEF tagging process, along with one test filing. So, the team had no jitters when it came to their first mandatory ESEF filing with the 2021 AFR. The roll forwarding, tagging, and auditing process could not have been smoother, and team Nordecon filed a high-quality and well-designed ESEF xHTML document to the regulator – in Estonian and English. It was an experience they were happy about.