|IRIS' offering For Stock Exchanges
IRIS iFile solution is modular and scalable software based on the XBRL framework and can be rapidly customized and deployed for any reporting environment. The preparer of information using iFile needs to input data in an excel front end template (the iFile client), which IRIS customizes as per the regulatory norms. Elements in the template are mapped to the relevant taxonomy and other business elements as defined by the regulator. Once the information is populated in the template, IRIS iFile offers a framework for collection, validation, automated creation of XBRL documents, submission, review and dissemination of information filed by regulated entities.
IRIS iFile has been deployed at stock exchanges, central banks as well as within Government, and is currently being deployed within a commercial bank for their credit risk management process. Capital market regulators across the globe, focussed on building efficient markets, are turning to the XBRL standard to transform their entire financial information and reporting supply chain, leading to greater accountability and transparency.
iFile has been adopted in India under the brand name 'CorpFiling', a unified electronic filing platform, by India's two largest stock exchanges, The Bombay Stock Exchange and The National Stock Exchange. CorpFiling enables companies listed in either or both the stock exchanges to electronically file their disclosures using a downloadable template. Upon submission an XBRL instance documents is created at the regulators end, for annual and quarterly statements.