IRIS CARBON® is one of the most renowned names in the XBRL reporting domain. Having a global presence in 29 countries, IRIS CARBON® brings in a solution that is used by more than 200 customers in the UK and EU region.
IRIS CARBON® is a comprehensive SaaS solution that seamlessly manages all the functions associated with the UK Single Electronic Format (UKSEF) compliance process. It then generates high-quality iXBRL-tagged digital reports that provide all stakeholders with the information they need.
All stages of the iXBRL process can be streamlined using the IRIS CARBON® platform by Fin-X Solutions, starting from source data collection to submitting the final iXBRL package to their Officially Appointed Mechanism (OAM). As a cloud-based tool, IRIS CARBON® enables a highly collaborative environment that is both secure and simple to use.
Two of IRIS CARBON®’s differentiating traits are error-free iXBRL output and a reporting approach that positions the issuer at the forefront of the reporting process
If you’re curious about how we completely revolutionize the process of creating iXBRL reports for some of the largest companies in the UK, here are eight attributes that make IRIS CARBON® imperative to our customers:
1. Maintaining All Aesthetic Elements In Annual Report
One of the most significant advantages of using IRIS CARBON® is its capability to generate iXBRL-tagged annual financial reports (AFRs) that are identical to the company’s PDF annual report. This ensures that issuers who publish highly-stylized annual reports do not face poor formatting issues in the iXBRL output file and their annual report retains its aesthetic appeal.
PDF Annual Report
iXBRL version of the annual report
2. Smart tagging
IRIS CARBON® enables automated tagging in the first year of UKSEF compliance through the integration of Artificial Intelligence and Machine Learning. This can be used to simplify and accelerate subsequent years’ reporting by leveraging the built-in rollover function, which enables reapplying the tags from a previous year’s iXBRL record.
3. Intuitive review module
IRIS CARBON® includes a robust review module that enables users who are working on the annual report to approve, reject, and sort tags. This enables companies with big reporting teams to gain real-time visibility of the review process of all tags in their iXBRL and guarantee that the tag application is as accurate as possible.
Review pane from IRIS CARBON® for approving and rejecting tags
4. Prominent Commenting Module
The users can raise comments on the platform to our support teams and they will receive real-time feedback in the form of alerts and notifications. Users can also categorize comments by their status, such as open, closed, or pending. A large number of our customers enjoy using this option since it allows them to get their questions answered and move on to other sections of the report a lot more quickly.
Commenting pane from IRIS CARBON® for raising comments and receiving feedback
5. Validations
Our inbuilt validator IRIS Bushchat® certified by XII can be used to carefully trace errors by directing you to the exact point in the report where the error is detected. With the help of our validator, any validation findings, whether errors or warnings, can be resolved quickly. This saves lots of time and effort. This ensures that your final iXBRL output is completely error-free.
The validation pane from IRIS CARBON® enables easy identification of errors/warnings
6. Supreme-Quality iXBRL Output
IRIS CARBON® consistently ranks #1 in the independent quality rankings for iXBRL service providers, by XBRLogic. We continue to process some of the highest quality iXBRL-tagged annual reports when compared to other vendors in the industry. We continuously focus on achieving the desired quality.
#1 Ranking in XBRL Quality Score published by XBRL Logic
7. Interactive iXBRL Viewer
Companies can use IRIS CARBON®’s interactive iXBRL Viewer to display their iXBRL-tagged annual reports. It becomes extremely easy for companies to publish these reports on their website or anywhere else they wish to present their stylized iXBRL-tagged annual report to the stakeholders, allowing them to interact with quality content.
8. Automated Tagging For Subsequent Reports
IRIS CARBON® platform enables users to create reports from scratch or choose to work with documents imported from the previous year. IRIS CARBON® makes it possible to simply roll forward already existing templates for use in future year filings while retaining all of the tags and metadata from the preceding year in order to accelerate the filing process in subsequent years.
That’s how our clients define their experience filing with the IRIS CARBON® platform.
If you are a filer listed on the main UK regulated market, IRIS CARBON® will help you be constantly aware of any new requirements and be prepared to meet them with the greatest possible ease. Furthermore, you will find that we are always improving the client experience with frequent software upgrades, ensuring that we always stay a step ahead of the game.