The IRIS CARBON®Approach
REKA’s ESEF reporting was handled by IRIS CARBON® in five stages. These stages were closely defined per the objectives stated above.
1. Setting Up Of The 2019 Annual Report
At the start of the ESEF compliance project, REKA provided us with their then-published 2019 annual report. IRIS CARBON® used the most relevant version of the ESEF taxonomy to select and apply the appropriate XBRL tags to REKA’s published 2019 annual report. This became the base document that would be used for mapping the 2020 annual report.
2. Hands-On Training Provided
Team IRIS CARBON® planned training sessions around the basics of the ESEF mandate. These hands-on training sessions involved our experts demonstrating to team REKA how their iXBRL document could be prepared step-by-step. The training sessions covered the following topics:
- Starting Out: How to upload the 2019 iXBRL annual report on the IRIS CARBON® platform and use it as a base for the subsequent year.
- Tagging: IRIS CARBON® platform has the latest ESEF taxonomy embedded in it. Once the base file is uploaded, IRIS CARBON®’s automated tagging feature applies tags to the document with accuracy using AI/ML. Wherever there is a match of labels with the taxonomy items, the lines are automatically tagged.
- Extensions: In the absence of appropriate tags or matching concepts in the taxonomy, extensions need to be created.
- Anchoring: The extensions created must then be further defined by their respective anchoring relationships.
- Validation: Team REKA was given tips on how to validate their files and check for errors or warning signs.
- Generation of the output file for final publication
- Tagging of next year’s report from the previously approved iXBRL document
Whenever REKA needed assistance, IRIS CARBON®’s team resolved their queries immediately.
3. iXBRL Creation Of 2020 Annual Report (Voluntary Filing)
Once the base document of the 2019 annual report was set up, REKA used it as the starting point for tagging the 2020 annual report. IRIS CARBON®’s training sessions equipped REKA with the internal capability to independently manage the iXBRL conversion process end-to-end. Team REKA also had the IRIS CARBON® support team’s backing at each step of the reporting process. In 2021, REKA filed their 2020 annual report in iXBRL format voluntarily.
4. Auditors’ Review
The auditors reviewed and signed off on REKA’s 2020 iXBRL annual report. This meant that the tags applied on the 2020 iXBRL annual report had the auditors’ approval and the same tags could be used while creating the company’s 2021 iXBRL annual report.
5. iXBRL Creation Of 2021 Annual Report (Live Filing)
Team REKA uploaded their 2021 annual report in PDF format on the IRIS CARBON® platform. Thereafter, the 2020 iXBRL tags that REKA’s auditors had approved were applied to the 2021 PDF annual report. By this time, team REKA had become extremely efficient at handling the review, validation, and generation of iXBRL output files. IRIS CARBON®’s support team continued to provide assistance to team REKA whenever necessary.
In 2022, REKA filed the 2021 annual report in iXBRL format. After a successful live-filing, the auditors reviewed REKA’s 2021 iXBRL annual report and approved it.
Click here to access REKA’s 2021 iXBRL annual report published on the company’s website.