xbrl offerings from iris · full range xbrl solutions provider offerings for creation, collection...
TRANSCRIPT
Presentation to
Bolagsverket, Sweden
XBRL Offerings
from IRIS
2
Introduction of IRIS
IRIS’ Taxonomy Development Services
IRIS’ Taxonomy Creation Tool – IRIS Noah
IRIS’ Validator – Verify
Taxonomy Implementation Life Cycle
XBRL Program Implementation and Support
XBRL-based eFiling Platform – IRIS iFILE
Use of XBRL data via IRIS’ Data Consumption Platform
What Does the Presentation Cover
About IRIS
4
Full range XBRL solutions provider
Offerings for creation, collection and consumption of structured
data for financial reporting & compliance
Clients in over 15 countries covering 4 continents
300+ strong team of XBRL and structured data professionals
Direct member of XII and XBRL India. Member of Best Practices
Board
IRISLeading XBRL Company with Products across the Information Supply Chain
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Global Footprint
US– SEC Filings of
~270 companies
thru IRIS Carbon– FP relationships
– Filers
UK– Filings to
HMRC
South Africa– JSE Limited
India– MCA– CBDT
– SEBI– Corporates
– RBI
Saudi Arabia– Ministry of Commerce
and Industry
– Tadawul Stock Exchange
UAE– ESCA– ADSE
– DFM
Qatar– QFCRA
Mauritius– Bank of Mauritius– Company Registry
Thailand– Department of
Business
Dev elopment
Malaysia – Securities Commission
Singapore– ACRA
Macedonia– Filings to
Ministry of
Finance
Italy– IRIS Carbon
for filings to
Info Camere
Ireland– IRIS Carbon
f or Tax f ilings
Israel– IRIS DP f or
analy sis of
XBRL f ilings
Turkey– IRIS DL f or Tax
f ilings
Kuwait– CMA
Poland– Historical data
conv ersion into XBRL
Iran– Taxonomy
Consulting
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The Business……Straddling the Information Reporting Supply Chain
Structured Data
COLLECT Reporting platform with over 12
deployments globally. Helps
regulators collect submissions.
Taxonomy development is included.
CREATEOfferings ranging from enterprise software to
Cloud / SAAS to create documents ready to
be filed with regulators
CONSUMEWorld’s first and most
comprehensive database of financial
data culled from XBRL filings,
normalized across geographies
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How IRIS Can Help Regulators
Stage Stakeholders IRIS’ Offerings
Taxonomy Development
• Regulators
• XBRL Taxonomy
Experts
• Subject Matter
Experts
• XBRL Consulting – Developing and testing taxonomies,
quality review, support for implementing XBRL program
• XBRL Training – Create awareness and equip
stakeholders to take informed decisions and manage
any XBRL program
Applications for creating XBRL reports based on the taxonomy
• Filers
• Software vendors
• Regulators (if they
choose to offer this
facility to filers)
• IRIS iFILE Client – Spreadsheet and web based offering
for creating XBRL reports
• IRIS Carbon – Cloud-based disclosure management
offering for creating output in multiple formats including
XBRL and Inline XBRL
• IRIS iDEAL – Connects to and coverts the data from
existing systems into XBRL format
Filing platform for collecting, validating and storing XBRL reports
• Regulators
• Software vendors
• Filers
• IRIS iFILE Server – Suite of modular components
stitched together by a portal solution
Applications forconsuming XBRL data
• Regulators
• Analysts
• Data Aggregators
• Other data users
• IRIS Data Consumption Platform (DCP) – Repository of
structured and globally normalised data.
Taxonomy
Development
Services
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Areas of Expertise
Reporting
Domain1
Business rules
and validation2
Business logic for correctness and completeness of data Rules and triggers to identify inconsistencies and issues Using XBRL as well as non-XBRL mechanisms
Establishing
use cases for
XBRL3
Standard business reporting – Singapore, Macedonia XBRL in non-financial domains such as crime-data
Financial reporting Regulatory reporting including prudential reporting,
supervisory data, statistical information etc. Cost audit and compliance XBRL GL
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Taxonomy Development Methodology
Tried, tested and successfully
implemented
• Engaging all stakeholders
• Iterative process
• Robust QA framework
Adaptable to suit regulator
requirements
• Standard Business Reporting
• Factors in the XBRL solution
/implementation requirements
Periodic and progressive training
for stakeholders and project team
Hand-holding and knowledge
transfer to undertake taxonomy
maintenance
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Our Taxonomy Experts
Taxonomy
Architecture and
modelling
IFRS Taxonomy Consulting Group (ITCG), IASB
K. Balachandran
Taxonomy Architecture Guidance Task Force (TAGTF), XII
Shilpa Dhobale
XBRL Program
Implementation
Implementation Guidance Task Force (IGTF), XII
Shilpa DhobaleRevathy Ramanan
Best Practices Board (BPB), XII
Revathy Ramanan
Beyond Financial
Reporting
Corporate Actions Working Group, XII
Rahul Dhamne
Legal Entity Identifier Working Group, XII
Tijo Joseph
Select details of participation in working groups:
Cross functional knowledge
Global implementation experience
Involved in standard setting process at XBRL International
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Select Taxonomy Development Projects
2010
IFRS Taxonomy based Financial reporting
taxonomies
2011
2012
2014
Regulatory Reporting
Taxonomies
2013
2015
2016 CMA, Kuwait
CBRD, Mauritius
MCI, Saudi Arabia SCA, UAE
(Revision)
SEO, Iran
MCI, Saudi Arabia
SCA, UAE Tadawul, Saudi Arabia
JSE, South Africa
MCA, India
(Revision)
DBD, Thailand
ACRA,
Singapore
MCA, India
BoM, Mauritius
(Regulatory Reporting)
QFCRA, Qatar
(Regulatory Reporting)
MCA, India
(Cost Audit)
RBI, India
(Regulatory Reporting -Phase 1)
RBI, India
(Regulatory Reporting -Phase 2)
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What Sets Us Apart
Beyond taxonomy development
• Rationalize data needs
• Implementation support
Handholding to facilitate smooth
knowledge transfer and taxonomy
maintenance
• Extensive training to project teams
• Tool-kit for developing and testing
taxonomy
Experience of working with several
regulators and varied reporting domains
Active involvement at XII level
• Ensure global and best practices are
implemented
• Preemptive adoption of new and upcoming
developments in XBRL specifications
Robust quality assurance framework
End-to-end offering including taxonomy
development, QA and taxonomy authoring
application
Established and proven
methodology which has
been successfully implemented
in over 10 countries
Rich experience in taxonomy development
and project implementation for
more than 15 regulators
Consultants with sound reporting
domain knowledge, IFRS
and XBRL
Taxonomy Creation
Tool
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IRIS NoahCollaborative and web-based taxonomy management solution
Key Features:
Multiple taxonomy versions management
Flexibility to change taxonomy views
• Hierarchy view
• Grid view of dimensional relationships
Editing, viewing, generation of multiple entry-
points
User management
• Predefined roles
• Workflow options – maker, checker,
reviewer
Various alternatives for deployment
• SaaS model (on IRIS servers)
• In-premise
Scalable and flexible design to support new
XML/XBRL specifications
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IRIS Noah Workflow
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User Dashboard
Multiple taxonomies and
multiple versions within a taxonomy
Upload taxonomy once as base at
company level. All users of the company can work with the
taxonomy
Language
localization support
Alerts and
notifications
18
Schema View
Add elements
with pre-defined values for
attributes
Bulk upload of elements
from template
Arrange
views
Create new data types, arc-roles and other
taxonomy elements
File level lock
and unlock to support
collaborative working
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Linkbase – Hierarchy view
Different
options to view
linkbases
Features to help easy creating / editing of taxonomy
Properties, labels,
and references –Element wise
Schema elements list –
support drag and drop of elements to create
hierarchy
XBRL Technical
Validation
Export to excel
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Grid View – Dimensional Relationships
Hierarchy View
Grid View
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Linkbase – File View
Labels in multiple
language
Locate element in linkbase
panel or across taxonomy files
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Generation and Validation
Log of all versions
generated
Download
Taxonomy Files
Multiple entry-points editing / viewing/ generation
Validator
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Validator IRIS Verify
IRIS Verify
Validation
XBRL Specifications*
Best Practices (FRTA, FRIS)
Custom Checks
Rendering
Validation Results
XBRL Instance Document
Key Features:
Integrated in all IRIS offerings
Multi-integration methods
• SaaS Model / In-premise
• Web service / Windows executables
Large instance processing
Error output in varied formats (CSV,
HTML)
User-driven validation
• Select the specification
• Select the specific business rule
(Assertions /Formula)
Faster processing using caching option
for taxonomy
Rendering of instance document using
table linkbase
* XBRL Specifications Covered:
• XBRL 2.1
• XBRL Dimensions
• XBRL Extensible Enumerations
• XBRL Formula
• XBRL Table Linkbase
• XBRL Versioning
• XBRL Generic Links
• Registries
Taxonomy
Implementation
Life Cycle
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Taxonomy Life Cycle Management
Project Initiation
Stakeholder meetings and
workshops
Collating data needs
Analyzing business
requirements
Scope of taxonomy
Business rules
Pre-implementation training
Requirement Analysis
Conceptual and logical
framework
Scalable and maintainable
architecture
End of use of data
Data Modelling
Governance structure
Identifying stakeholders
XBRL awareness
Project plan
Taxonomy Creation
Completeness and
consistency
Varied reporting scenarios
Review and Testing
Supporting documentation -
Architect
Public review and consultation
XII acknowledgement
Publishing on taxonomy
registry of XII
Post-implementation training
Taxonomy Publishing
Physical structure of
taxonomy
Creation of schema and
linkbases
Defining business rules
Validating and testing
taxonomy
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Getting the Taxonomy Right!
Factors influencing taxonomy design:
Business Needs
XBRL Technical Choices
Taxonomy ownership
Granularity of data
Rendering of data
Data comparability
Ease of creation for preparers
Errors and warnings
Entity specific information
Phased implementation
Inline XBRL
Importing or reusing
components from existing
taxonomies
Physical folder structure
New specifications
• Extensible enumerations
• Taxonomy package
• Table linkbase
• Assertion severity
Business Needs XBRL Technical Choices
Taxonomy
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Client Involvement in Taxonomy DevelopmentActive participation of stakeholders is a key success factor
Preparatory stepXBRL training for client
project teamEmpower client team to take informed decisions
Client’s role at various stages of taxonomy development
Inputs and guidance for understanding the disclosure requirements
Provide element documentation
Discuss and finalize the business rules as applicable for XBRL filing
Provide sign-off on the content and modelling approach for taxonomy
Review and validate the taxonomy
XBRL Program
Implementation
and Support
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Maintenance and Implementation Support
MAINTENANCE
Set up process for taxonomy change management
Detailed training on taxonomy and applications to client team
Framework for communicating the taxonomy changes to stakeholders
FILING SOLUTION
Strategy and recommendations for rolling out XBRL program
Inputs on requirements for filing solution
Validation and testing
Supporting documentation such as filing manual, preparer’s and software vendors guide
DATA MIGRATION
Planning and recommendations for approach
Review and support mapping of old data structure with new taxonomy
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Ongoing Taxonomy Maintenance
• Establish structure to monitor and evaluate need to revise taxonomy
• Checklists and steps for undertaking taxonomy upgrade
Governance Structure
• Mechanism to document the changes required, its analysis and the action items for taxonomy
• Manual / Application driven
Collating the change
• Decide policies for timing and frequency of taxonomy upgrade
• Periodic / As and when
Timing
• Documenting the changes made in taxonomy
• XBRL Versioning Report / Other document formats
Communicating the changes
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XBRL Training
Classroom training and offline Training
Customized to suit client needs
• Local reporting requirements
• IFRS/EBA/EIOPA taxonomies
• Taxonomy implementation, extension and
maintenance
• Train the trainer programs
Scheduled at critical milestones of project
implementation
• Project initiation
• Kick-off for taxonomy development or with
release of draft 1 taxonomy
• Completion of taxonomy development
Comprised of theory and hands-on experience
Coupled with the filing solution of regulator
• All Stakeholders
• High-level view
• Familiarizing with XBRL
concepts
Basic
• Filers, Client team• Interplay of taxonomy
and XBRL solution• Identify and support
taxonomy maintenance
• Client Project Team
• Taxonomy development
• Informed decision making
Taxonomy
Solution
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XBRL e-Learning Platform
Course modules
Introduction to XBRL
XBRL across the globe
XBRL benefits and myths
Taxonomy and schema
Linkbases
Steps in building taxonomy
Instance documents
XBRL implementation
XBRL validation and business rules
• Developed by our experts
with global experience in
XBRL implementations
• Integrated with product demos
• Try-it-yourself
• User inputs at various
stages
• Quizzes and self-
assessment tests
Interactive
Hands-on
View demo – http://elearning.iservices.in/
Rich Content
XBRL-based
eFiling Platform
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XBRL based e-Filing Platform – iFILE
A modern electronic filing application for
collecting disclosures documents from the
regulated entities
Creates disclosure data in XBRL which aids computer based
deep checks on the data ensuring clean data from source
Customised and pre-packaged multi-lingual application
available for rapid deployment. Deployed in intensive use
environments with more than a million users.
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What are Regulators using iFILE for?
CoverageCoverage CoverageCoverageCoverage
(Thailand)
Companies Division, Mauritius
(Pilot)
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IRIS iFile – System Components Overview
XBRL Authoring Tool
Validation Engine
Rendering Engine
User Management
Submission Gateway
Workflow Engine
Filing Calendar
Notification Engine
Version Management
Reporting Analytics
Compliance Module
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IRIS iFile – Value Proposition
Offline XBRL preparation Excel based tool, comes bundled with validation engine and
XBRL processor
Modular Architecture – each component capable of functioning as a separate unit
Taxonomy experts available in house to support the platform
Works on open platforms and does not require any proprietary hardware and operating
system
Rendering of data based on Table Linkbase. This makes the form creation modules generic
Dual language
Enterprise license model
Data Consumption
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Consumption of Data – IRIS Data Consumption Platform
Once companies start filing, the filed data can be made available to the regulator,
companies and investors, through a data analytics offering such as IRIS DCP
IRIS DCP can facilitate the following:
View and Compare Financials Select companies to view and analyse financial information reported in XBRL Sift through disclosures with smart links that trace data points back to the filed source document View Swedish labels for concepts Export select statements or entire XBRL document to an Excel file
Normalization and Comparison Data across sectors can be normalized for intra-sector and inter-sector comparisons Users can view normalized as well as reported information
Derived Data (Financial Indicators and Ratios) Pre-defined derived values both broad based and sector specific Ability to view the formula leading to the calculation of the ratios
Analytics / Dashboards Analytics / Dashboard allows users to create peer groups and dashboards containing financial
comparatives in chart or tabular form across the peer group
Gautam Mahanti
Anand Padmanabhan
To know more, visit www.irisbusiness.com