The IRIS CARBON® Approach
1. Setting Up The 2019 iXBRL Document
IRIS CARBON® began by preparing the 2019 base document for Pembridge Resources using their publicly released 2019 annual report. This needed the 2019 annual report data to be uploaded on the IRIS CARBON® platform. Then, suitable tags were chosen from the ESEF taxonomy and applied to the iXBRL document.
The XBRL specialists at IRIS CARBON® encountered instances where there was no specific element that matched any relevant concept mentioned in the ESEF taxonomy. Hence, they started creating custom elements (sometimes referred to as extensions) to map the unique or company-specific disclosures. Anchoring relationships were then used to further define these extensions.
The 2019 iXBRL annual report could be further used as the product demonstration file. Making it easier for the team at Pembridge Resources to understand the end-to-end process of ESEF filing.
2. Learning The Craft Of Reviewing A High-Quality ESEF Using Training Sessions
IRIS CARBON® arranged training sessions on the ESEF mandate and review module of the platform once the 2019 iXBRL annual report was successfully set up. IRIS CARBON® walked team Pembridge Resources through the ESEF taxonomy. Several essential topics on ‘how to review iXBRL documents’ and ‘validating files with an inbuilt XII-certified Bushchat validator’ were covered. With this information in hand, the Pembridge Resources team was able to undertake a comprehensive review of the 2019 iXBRL annual report and the tags applied to it using the IRIS CARBON® platform.
The training was conducted using a range of in-depth instructional videos on using the review module and dashboard of the IRIS CARBON® platform. The video recordings were even saved for future use.
David’s take on training sessions organized by IRIS CARBON® was:
“The training sessions organized by IRIS CARBON® were interactive. They gave a wide overview of the platform, making us aware of leveraging the platform to its maximum efficiency to generate a superior quality ESEF file for submission.” He adds “The training sessions were so thorough that my notes were sufficient for easy review of 2021 filing a year later.”
3. Processing The 2020 iXBRL Annual Report
Once the 2019’s iXBRL file was reviewed and approved by Pembridge Resources, IRIS CARBON® now had the base ready for the 2020 iXBRL annual report. Now when it came to the ESEF 2020 filing, a similar procedure was followed. Pembridge Resources provided the data for the fiscal year 2020, which was loaded on the IRIS CARBON® platform. Using IRIS CARBON®’s rollover function, the previously approved tags by team Pembridge Resources were reapplied on the 2020 iXBRL annual report. Extensions and anchors were created were needed.
Once the iXBRL 2020 annual report was processed Pembridge Resources was asked to review the report and then approve the same.
4. Nailing The Mandatory Submission Of The 2021 iXBRL Annual Report
On receiving the data for the 2021 annual report, IRIS CARBON® started processing the iXBRL documents for FY-2021. The steps and groundwork conducted for developing the 2020 iXBRL annual report were repeated to create a high-quality 2021 iXBRL annual report.
Team Pembridge Resources then reviewed and approved the 2021 iXBRL annual report. When it came to reviewing the ESEF annual report, the Pembridge Resources team had now become well-acquainted with the review module of the IRIS CARBON® platform because of the educational videos and elaborative training sessions. The output for live ESEF filing was generated without any hassle.
The final 2021 iXBRL annual report was then filed with the regulator per mandatory guidelines.
