XBRL

Before XBRL was implemented in Thailand’s Department of Business Development (DBD), entities used to submit their data in paper form. These source documents were stored as images in DBD’s system. The transition from paper to electronic format was a daunting task. DBD decided to provide filers with filing tools to help them move from paper formats to e-filing. IRIS developed an e-filing XBRL application powered by IRIS iFILE for all 500,000+ companies based on the filing requirements and business rules used for validation. The project went live in January 2015 and around 3,000 successful filings have been done since by companies using the e-filing XBRL application. DBD has made the e-filing platform open to all legal entities. Currently, filing financial data with DBD through the XBRL-based e-filing system is voluntary.

The MCI launched the QAWAEM program in January 2015, for the online filing of financial statements using XBRL, powered by IRIS iFile, in cooperation with the Saudi Organization for Certified Public Accountants (SOCPA) and the Department of Zakat and Income. Read the full case study to know the challenges MCI faced and how XBRL helped it manage the same.

The Qatar Financial Centre Regulatory Authority (QFCRA), an independent regulator of the Qatar Financial Centre (QFC), upgrades prudential filings to more accurate and automated submissions using IRIS iFILE, an XBRL-based regulatory filing platform.

With more than 38 banks and 25 insurance firms reporting their data to QFCRA at varied frequencies, the challenge was to maintain data integrity and conduct quick analysis for effective, risk-based supervision. QFCRA decided to partner with IRIS and implement iFILE, IRIS’ XBRL-based regulatory filing platform. iFILE helped in effectively handling the various complexities in the process, reducing time and manual effort spent on reporting, and in ensuring consistent, accurate, and transparent data.
Additionally, with the implementation of business intelligence reports, QFCRA can now analyze the data for further business insights or research. The business intelligence reports give QFCRA access to over 700 tables and graphs, along with the capability to perform a risk analysis, make better decisions, detect incongruencies, gain insight into specific patterns or trends, and push the business process forward. It also enables them to drill down, slice-and-dice, and perform year-on-year or month-on-month comparisons of financial data. Parameterized reports also enable comparison between or across banks and insurance firms. With the implementation of a structured data solution like iFILE, QFCRA has effectively strengthened its risk-based approach to prudential supervision.

AfrAsia Bank, Mauritius is a commercial bank serving the Africa-Asia trade corridor, combining its strength and expertise in four core divisions, viz. Private Banking and Wealth Management, Corporate and Investment Banking, Global Business and Treasury.

Under the XBRL mandate of the Bank of Mauritius (BoM) issued in December 2014, all regulated banks of Mauritius were to report their regulatory returns in XBRL. The MS Excel® templates provided by BoM, embedded with validation rules to generate XBRL files, were quite manpower intensive, prone to errors and time consuming. Hence, BoM recommended all banks to adopt Automated Data Flow (ADF) system, thereby reducing/eliminating manual intervention and making the entire process seamless, efficient and transparent.

AfrAsia Bank implemented IRIS iDEAL and became the first Mauritian bank to adopt Automated Data Flow approach for data collection and regulatory reporting.
Read the full case study here to know the benefits AfrAsia Bank drew by implementing IRIS iDEAL.

The Reserve Bank of India (RBI), India’s central bank established in April 1935, regulates the currency and credit system of the country. It oversees a host of critical activities that include monetary policy regulation, supervision of banking and financial institutions and foreign exchange management.

In 2008, the central bank introduced XBRL-based reporting into its already existing Online Return Filing System (ORFS). Powered by IRIS iFILE, this new reporting system would help RBI to achieve significant benefits in the preparation, analysis and communication of business information. The RBI leveraged the XBRL standard for Basel II Reporting System, Section 42(2) Form A return of the RBI Act and for financial statement reporting.

This case study covers RBI’s journey to build a flexible reporting framework for regulatory submissions that can easily be scaled for future regulatory data needs.

The Indian Mutual Fund Industry has $120 billion in assets under management with 44 fund houses offering more than 3,000 schemes as of 2012. Securities and Exchange Board of India (SEBI) the regulator of the mutual fund industry, has progressively moved to a continuous disclosure regime. In 2010 IRIS built an e-reporting platform for SEBI that eased the process of report collection. IRIS also developed India’s first mutual fund XBRL taxonomy as part of this project. IRIS also created an XBRL report generation tool for mutual funds to create their reports for filing with SEBI. This case study tells the full story of how XBRL was implemented end to end in the Indian mutual fund industry.

The Republic of Macedonia, situated in the central Balkan Peninsula in South Eastern Europe adopted XBRL for electronification of the process of companies’ registration in the country. The Ministry of Economy of Macedonia was also keen that this project also provides an integrated e-solution to administration needs of the country. The ministry commissioned the consortium of IRIS Business Services of India and Enterprise Registry Solutions of Ireland to propose and build the XBRL solution. Read this case study to know how IRIS conceptualised, designed, implemented and commissioned one of the first XBRL projects in the Balkans.

The Saudi Stock Exchange (TADAWUL), founded on 19th March 2007, has a primary objective to ensure capital market integrity that includes fair functioning and assurance of quality. Being the market controller, it develops service excellence for customers (brokers, issuers, investors, vendors, etc.) and constantly strives to enhance the exchanges’ competence.

Tadawul opted for XBRL to transform its existing reporting platform to improve transparency in the Saudi capital market for investors. At the same time, Tadawul also wanted to generate revenue from the valuable information set that gets created through XBRL submissions. IRIS used its globally proven IRIS iFILE framework to develop the reporting platform. Read more about it in this case study.

The Johannesburg Stock Exchange (JSE) is the largest stock exchange in South Africa, with more than 400 companies listed and combined market capitalizations of over $182 billion, making it one of the largest in the world as well. JSE, which is a major provider of financial information, has been a pioneer in the adoption of investor friendly initiatives also the latest financial reporting techniques. JSE commissioned IRIS to develop an XBRL based reporting solution based on the IFRS taxonomy. IRIS also builds the platform for viewing and consuming XBRL data based on IRIS iFile.