Our solution is IRIS CARBON® a cloud-based, collaborative filing platform that helps companies and mutual funds meet their enterprise reporting needs. Built with deep XBRL experience - over 8 years with the US SEC and 12 years globally. IRIS CARBON® simplifies your reporting, while ensuring high quality, increased productivity and efficient collaboration across your organisation.
IRIS CARBON® , is a quality benchmarked and seamlessly scalable solution for creation of Inline/XBRL documents. The product caters to the regulatory requirement of various markets such as South Africa, USA, UK, Ireland and Italy and handles different taxonomies which includes IFRS, US-GAAP and other country specific taxonomies based on the regulatory reporting requirements.
IRIS CARBON® SSAE 18- Type 1 audited platform.
The SSAE 18 security audit is based on standards defined by the American Institute of Certified Public Accountants (AICPA) and focuses on internal control over financial reporting. The product, managed services and other supporting functions are covered under this audit reassuring clients of our adherence to the highest standards of data security.
We have hinged our global XBRL/iXBRL solutions on the 3Ps of creating a strong competency centre: Platform, People and Processes.
Real time collaboration - Using the real-time collaboration feature, IRIS CARBON® is being leveraged by teams within client offices as well as IRIS expert teams to track, manage, update and finalize documents in parallel with high efficiency, from creation all the way through filing.
Increases productivity - Experience the benefits of auto-tagging for the first year. IRIS CARBON® is designed to not only make the first creation and submission of documents easier, but it is loaded with features like Roll Forward, spreadsheet linking which facilitate simpler successive filings.
Reliable High-Quality Service - IRIS CARBON® comes with the service backing of a team that has vast experience of having worked over 20,000 documents across different geographies.
Smart Editing Features like online Editing, easy version creation and compare, integrated Review and Comment make finalization process with approvals and sign offs easier.
iXBRL Ready IRIS CARBON® is iXBRL ready for CIPC’s mandate and can provide you with an iXBRL output at the click of a button.
Integrated Validations IRIS’s validator used in CIPC’s filing portal is also integrated in IRIS CARBON®. Validate your documents using the integrated validation engine.
Single Source, Multiple Outputs Create outputs in multiple formats (including iXBRL, Word and PDF) from a single source document.
Audit Check Allows external auditors access to company reports, to comment and suggest changes, all in one seamless platform.
Roll Forward Filing Prepare the documentation only once and update it easily to get your ready template for the next filing.
Spreadsheet Linking Spreadsheet linking allows you to update tables and content directly from your spreadsheet into your document.
Maker-Checker Approach We adopt a maker-checker approach for generating iXBRL/XBRL output, which ensures high level of accuracy and have multiple layers of quality check.
Extended Arm Support XDS/IRIS acts as an extended arm of the client’s team in owning and supporting the document creation and finalization process end-to-end. In doing so,
we 'tag-team' with clients to work in parallel wherever support is needed, to reduce back-and-forth and processing time. For our support teams, no issue is too big or too small to support – from XBRL/iXBRL through document formatting and review, we pick up anything a client needs.
1. Document Set-up: Users can choose to send their documents for iXBRL conversion or can prepare the documents using the platform itself. Following are the steps which are involved in the process of document set-up
Document Conversion: Word and HTML are the input formats that the Platform accepts. If the client has a different format such as PDF, the Assisted Services Team would take the additional steps/process to convert such PDF to Word/HTML formats.
Document Formatting: If the client’s source input format in Word or HTML is not well structured, Assisted Services Team would reformat the documents to make sure that the Inline XBRL output files generated through the Platform is neat and well presented.
Section Creation: Work with the client to create sections of their document based on user requirements to enable multiple users to work simultaneously on different sections of a document. Section creation also includes identifying and populating content from previous period documents into the sections to create the base working document templates that the client will be working on.
Online Spreadsheet: Upload the client’s spreadsheet to the Platform; if client does not have a spreadsheet, we help the client in setting up spreadsheet for financial documents. The uploaded spreadsheet is then linked to the financial statements and notes as per client’s requirement.
2. iXBRL Tagging: iXBRL tags are mapped to the document. Make any number of updates to numbers or text and the tagging always stays intact.
3. Review: Clients can review the document on the platform itself and collaborate and finalize the document using smart review options available in the platform.
4. Validate: IRIS's validator is used in the CIPC' portal. IRIS CARBON®'s integrated in-app validation not only cover all the CIPC specific validations but also cover additional validations required by the iXBRL standards.
5. Generate Output: Generate various output files such as Inline XBRL for submission to CIPC. Also generate word and PDF files for internal review.
Experience the time and cost efficiencies for the next year onward using roll forward feature.
Roll forward feature helps in creation of document for the next filing period. Users can use IRIS CARBON® to prepare the financial reports for the next period in the platform itself.
iXBRL Conversion Timelines & Conversion Process
If Annual Financial Statement (AFS) conversions are outsourced to us, we require 20 business days to convert your AFS into iXBRL/XBRL. This time frame can vary based on the size and complexity of the document (AFS).
Day 1-2: Document (Word / Excel / PDF / HTML) received from Client. IRIS starts the document conversion process.
Day 3: Document conversion process completed.
Day 4: Document Formatting process completed.
Day 5: Sections are created based on the client’s requirement.
Day 6-7: The tagging analyst begins the tagging process is started.
Day 8-9: Tagging process is completed and the XBRL/iXBRL document is shared with the quality analyst for review.
Day 10: The quality analyst completes the quality checking process and provides his/her feedback to the tagging analyst using IRIS CARBON®’s commenting feature.
Day 11: The changes identified by the quality analyst are implemented by the tagging analyst.
Day 12: The quality analyst reviews the document to ensure that all changes have been correctly implemented.
Day 13-14: The tagging analyst starts preparing and updating the online spreadsheet.
Day 15: The online spreadsheet has been set up and then linked to the financial statements and notes.
Day 16: The tagging analyst runs all the validations to ensure that the document meets all the CIPC requirement as well as the XBRL/iXBRL standard specifications. The document is then sent across to the client.
Day 17-18: : The client reviews the final document and sends across any changes, updating, or data that may be required.
Day 19-20: We provide the revised document to the client.