Case-study

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.