iFILE Regulatory Reporting Platform

IRIS iFILE is an end-to-end electronic filing framework. Comprising several modular components, iFILE allows easy management of all the stages of the disclosure management lifecycle. The framework can be customized for any reporting environment and uses the XBRL information standard as the core format for data collection and validation.

IRIS iFILE is a modular & scalable e-filing platform engineered with XBRL/SDMX information standard framework. The platform is ideal for the collection, validation, submission, review, and dissemination of information filed by Regulated Entities.

IRIS iFILE is divided into filer and regulator modules. The filer modules allow filers to create XBRL instance documents for filing a disclosure with the regulator. The regulator modules consist of several applications that allow the regulator to accept, validate and store instance documents. It also allows the regulator to manage and publish the taxonomy, filings, and filing calendar, among others.

Conceptualized by a multi-disciplinary team from IRIS, iFILE is an XBRL-based eFiling Platform compatible with different Taxonomy architectural structures.

Prepare

iFILE Client is an easy-to-use spreadsheet based application which helps prepare information in templates based on XBRL taxonomy. They can be easily customized to match the required reporting pattern. The regulator can control the templates and also allow users to create their own templates
from the taxonomy.

Validate

IRIS iFILE validates data being filed against both XBRL/iXBRL validation rules as well as regulator defined custom validations. This two level validation process (one at the user’s end and the other at the regulator’s) helps make submissions error-free.

Create & Submit

IRIS iFILE enables submission of XBRL/iXBRL instance documents and/or taxonomy documents to the regulators for further processing. Encryption of data and digital signatures are available as value-added features based on the security needs of the regulator.

Storage & Integrate

XBRL instance documents are stored, based on regulator’s requirement in a file server and/or the data from the instance documents are extracted and stored in a relational database.
IRIS iFILE can also be integrated with the existing data management system.

Analyze

IRIS iFILE’s compliance dashboard allows the regulator to easily view the status and details of various reports. This helps flag non-compliant or inconsistent data. The reports module comes with standard reporting templates as well as the ability to create adhoc reports.

Disseminate

IRIS iFILE has approval/rejection mechanisms and a distribution engine which enables instant dissemination of information in various document formats. It has both a web based rendering and a Microsoft® Excel® add-in so users can easily view and download the XBRL instance documents.

Manage Filings & Entities

Regulators may use administrative modules to manage the rights and roles of users of the system including company and regulatory users. A similar module is also available for companies. The module also provides version control for managing taxonomy and filing template versions.

Principal Components

iFILE suite is a set of applications integrated with modules catering to different business reporting requirements. Apart from standard components as required in any regulatory framework, iFILE also offers specialized components for different users across external or internal users of the regulatory agency.

Authoring tools (For Filers)

MS Excel and Browser based authoring tools available
Familiar Office user experience
Enterprise licensing & no cap on number of users

Portal Application Set (Binder)

Customisable to meet your brandling guidelines
Loosely coupled modules covering Submission Gateway, User Management, Filing Calendar & Reports.
Workflow cutting across all modules

XBRL Validation Suite

Comprehensive XBRL/iXBRL validation engine
Ability to do selective XBRL/iXBRL Standard Checks
API’s available for easy integration with other products
Facilitates Business rules check through Formula Linkbase

XBRL Rendering & Reports Engine

Render XBRL/iXBRL document on Web
Convert XBRL/iXBRL documents to PDF/Word/JSON
Push XBRL/iXBRL data into an RDBMS
Compare Financial Reports, See ratios

All users can access the platform through internet browsers and a specially curated mobile interface. Regulators and filers can also opt for alerts, and reminders for actions from the platform, so they never miss a deadline!

Try the IRIS iFILE application at flexible pricing and subscription models. The application can be branded with guidelines or logos of specific companies as well. Schedule a demo or read some case studies to understand IRIS iFILE has helped companies revolutionize eFiling for regulators.

IRIS iFile
Value Proposition

Offline XBRL preparation Excel based tool, comes bundled with validation engine and XBRL processor
Modular Architecture – each component capable of functioning as a separate unit
Works on open platforms and does not require any proprietary hardware and operating system
Rendering of data based on Table Linkbase. This makes the form creation modules generic
Dual Language
Enterprise License Model
Taxonomy experts available in house to support the platform

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