DBD, Thailand Simplifies Regulatory Reporting using 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.