Case-study

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.