XBRL Offerings from IRIS Presentation to Bolagsverket, Sweden - - PowerPoint PPT Presentation

Presentation to Bolagsverket, Sweden

XBRL Offerings from IRIS

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• Introduction of IRIS
• IRIS’ T

axonomy Development Services

• IRIS’ T

axonomy Creation T

• ol – IRIS Noah
• IRIS’ Validator – Verify
• T

axonomy 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

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• 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

IRIS

Leading 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.

CREATE

Offerings ranging from enterprise software to Cloud / SAAS to create documents ready to be filed with regulators

CONSUME

World’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
• ffering 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 for consuming 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 Domain

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Business rules and validation

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• 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 XBRL

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• 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 Dhobale Revathy 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 Noah

Collaborative 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

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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

• ptions to

view linkbases Features to help easy creating / editing of taxonomy Properties, labels, and references – Element wise Schema elements list – support drag and drop

• f 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

Taxono nomy

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Client Involvement in Taxonomy Development

Active participation of stakeholders is a key success factor

Preparatory step XBRL training for client project team Empower 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 T

eam

• T

axonomy 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?

• Coverage

Coverage Coverage Coverage Coverage

(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 Gautam.mahani@irisbusiness.com Anand Padmanabhan Anand.p@irisbusiness.com To know more, visit www.irisbusiness.com