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Online Submission of Annual Balance Sheets Now Possible

Corporate and Business Registration Department (CBRD), Republic of Mauritius, has mandated large public interest companies to present their balance sheets in XBRL (Extensive Business Reporting Language) from December 2016. These are companies regulated by bodies such as the Bank of Mauritius, the Financial Services Commission and the Financial Reporting Council. All financial statements for the accounting period ending June 30, 2016 will have to be submitted in XBRL format.

Mauritius

Corporate and Business Registration Department (CBRD), Republic of Mauritius, has mandated large public interest companies to present their balance sheets in XBRL (Extensive Business Reporting Language) from December 2016. These are companies regulated by bodies such as the Bank of Mauritius, the Financial Services Commission and the Financial Reporting Council. All financial statements for the accounting period ending June 30, 2016 will have to be submitted in XBRL format. IRIS Business Services has been in the country since February to develop a specific taxonomy for the Companies Registrar.  CBRD plans on giving a free tool to users to prepare XBRL data. Additionally, trainings will also be conducted for users to familiarize them with the system.

For the translated press release in English click here

From:

Press release for mandatory XBRL filing for CBRD, Mauritius (French)

Maharashtra first in country to adopt next-gen tech for crime record maintenance

Maharashtra became the first state in the country to leverage the power of nextgen technology, XBRL, for the maintenance of its crime records. In the first phase of the project, the technology has been deployed by Maharashtra CID to generate its annual “Crime in Maharashtra” publication on a timely basis. It is envisaged that with this move, Maharashtra can show the rest of India, how to move away from the world of older, paper based reports with more useful, more effective and more accurate digital versions of the same, making it easy for the analysis of such data.

Maharashtra became the first state in the country to leverage the power of nextgen technology, XBRL, for the maintenance of its crime records. In the first phase of the project, the technology has been deployed by Maharashtra CID to generate its annual “Crime in Maharashtra” publication on a timely basis. It is envisaged that with this move, Maharashtra can show the rest of India, how to move away from the world of older, paper based reports with more useful, more effective and more accurate digital versions of the same, making it easy for the analysis of such data.

 

Please read the link for full coverage:

http://www.dnaindia.com/mumbai/report-maharashtra-first-in-country-to-adopt-next-gen-tech-for-crime-record-maintenance-2163956

From:

Maha 1st State to go Hi­tech for Crime Record Upkeep

India turns to IRIS for FATCA reporting

India today started complying with FATCA where more than a dozen Indian entities including banks, insurance companies and mutual funds filed their returns with the Income Tax department using IRIS’s software.

After two months of signing the inter-governmental agreement (IGA) with US to implement the Foreign Account Tax Compliance Act (FATCA), on 31 Aug 2015, CBDT issued guidance notes on 114F to 114H of the Income-Tax Rules.

The IGA aims towards greater transparency between the two countries on tax matters.

FATCA requires all financial institutions outside of the US to periodically transmit information on financial accounts held by Americans to the US Internal Revenue Service, or face a 30 percent withholding tax on payments made from the US. The IGA requires the Indian FIs to provide necessary information to Indian tax authorities, which will then be transmitted to the US automatically.

India today started complying with the provisions of FATCA where more than a dozen Indian entities including banks, insurance companies and mutual funds filed their returns with the Income Tax department using IRIS’s software.

From:

IRIS Business Press Release on FATCA Reporting

Revathy Ramanan, Senior XBRL Consultant, IRIS Business Services Ltd. appointed to XBRL International’s Best Practices Board

XBRL International announced the appointment of Revathy Ramanan, Senior XBRL Consultant, IRIS Business Services to its Best Practices Board (BPB).

XBRL International announced the appointment of Revathy Ramanan, Senior XBRL Consultant, IRIS Business Services to its Best Practices Board (BPB). 

                           

Revathy has nine years of experience spanning various domains like XBRL, Internal Audit, MIS and Cost Audit. As part of her work at IRIS Business Services, Revathy has designed and developed XBRL taxonomies for various reporting frameworks (financial,​ ​prudential, risk and operational) on behalf of regulators across the globe. She has also played a key role in many XBRL implementations across Asia.

XBRL International is a not-for-profit consortium committed to improving reporting using XBRL. The Best Practices Board (BPB) is responsible for managing the production and dissemination of the consortium’s work product that describes methods and processes for successful implementation of XBRL specifications. 

About IRIS
IRIS Business Services Limited is one of the first providers of full professional XBRL products and solutions to organizations globally. The company is headquartered in Mumbai, India with international offices in the United States, Singapore, United Kingdom, and the UAE. IRIS is a direct member of XBRL International and XBRL US.

The Company has over eighteen years of proven expertise in the financial information management space, providing customized technology solutions for data and content management, for the dissemination of information to investors and stock exchanges, and for effective content management to institutional clients. 

From:

XBRL International Newsletter

IRIS iFile now implemented for The Department of Business Development, Ministry of Commerce, Thailand

Thailand has approximately 500,000 active legal entities, of which approximately 400, 000 entities mandatorily need to submit financial reports to DBD. The regular process is to submit the hard copy to DBD and these source documents are stored by IMAGE system. This manual process of submission and storing is very tedious; also the processing of the submitted documents is lot time consuming. To overcome this, Department of Business Development wants to improve their system and implement e-filing. This service will be convenient to filers as it will reduce the processing time and expense. After studying and analysis on e-filing system DBD decided to XBRLise this process.

IRIS is working with Business Online (local Systems Integrator), which is a public limited company in Thailand to develop the XBRL filing system and taxonomy for DBD. The report preparation process can be online and offline, also the system will have the functionality of intelligent mapping, that will help companies to auto populate data from other files like excel or word document. IRIS has also developed the taxonomy for Thailand which is based on the Thai GAAP.”

 

IRIS Carbon Released For SEC Reporting

Our Director Deepta Rangarajan talks about IRIS Carbon that has been recently launched in the U.S to address the market for SEC filing.

IRIS Business Services came together in 2004 in recognition of the importance of the emerging world of structured data. Over the last decade, the firm has built itself up into a leadership position globally in this area generally and around XBRL or eXtensible Business Reporting Language in particular. Leveraging Indian cost structures to create competitive products for the global market, the company now has one or more of its solutions working across some 16 countries spread across four continents.

BANK OF MAURITIUS TO IMPLEMENT XBRL IN THE REGULATORY FILING PROCESS

PORT LOUIS July 11, 2014 - In a historic first for Africa, Bank Of Mauritius has signed a deal with IRIS Business Services (IRIS) to develop the next generation infrastructure for its disclosure platform based on the XBRL information standard.

Mauritius has long been in the forefront of the financial world and just like regulators and financial institutions, Bank Of Mauritius too has been facing increasing challenges in collecting, processing and reporting information. Especially in an efficient yet cost effective manner. With the implementation of XBRL, BOM aims to get clean and validated data from the regulated Entities. This will allow BOM to monitor data and activities and reach judgments with far greater speed and confidence.

Singapore Deploys Indian Tech Platform for XBRL Filings

Starting this week, all companies in Singapore would have to file their returns with the ACRA in XBRL through iFile, a technology platform developed and deployed by IRIS Business Services, an Indian company.

Starting this week, all companies in Singapore would have to file their returns with the Accounting and Corporate Regulatory Authority (ACRA) in XBRL through iFile, a technology platform developed and deployed by IRIS Business Services, an Indian company. ACRA is the Singapore counterpart of the Indian ministry of corporate affairs. Similar solutions have been deployed by Mumbaiheadquartered IRIS in eight other countries including India. XBRL, or eXtensible Business Reporting Language, is a reporting format that has rapidly gained acceptance across the world. RBI, Sebi and MCA are among those who have adopted XBRL in India. 

 

 

 

From:

Times of India.

Launch of BizFinx portal

With effect from 03 March 2014, Singapore-incorporated companies which are limited or unlimited by shares and required to file their financial statements with ACRA

With effect from 03 March 2014, Singapore-incorporated companies which are limited or unlimited by shares (unless exempted) and required to file their financial statements with ACRA, will need to prepare and file a full set of financial statements in XBRL with ACRA via the BizFinx portal.

The BizFinx portal will also enable companies to download the BizFinx preparation tool to prepare XBRL financial statements in accordance with the revised XBRL filing requirements; generate free data analysis and subscribe to email news alerts to receive the latest updates.

 

Related Links:
 
 

From:

ACRA

Emirates SCA highlights features of XBRL implemented by IRIS

The Securities and Commodities Authority (SCA) of UAE highlights features of the IRIS implemented XBRL system to boost corporate governance and transparency.

The Securities and Commodities Authority (SCA) has highlighted the features of the XBRL system to boost corporate governance and transparency. Speaking at a workshop for representatives of market regulators from GCC, Mohammed Al Hadari, SCA deputy CEO for organisation and support services, called for the setting up of a special XBRL committee at the GCC level and offered the UAE’s services to share its experience.

From:

Khaleej Times

IRIS’ XBRL solution showcased by Emirates SCA to Gulf regulators

SCA showcases its IRIS’ implemented XBRL solution to GCC representatives, calls for setting up XBRL Committee at GCC Level

The Securities and Commodities Authority (SCA) has organized at its Dubai headquarters a workshop for representatives of market regulators from member states of the Gulf Cooperation Council (GCC). Addressing the attendance, which include the Chairman and experts of XBRL International Inc. (XII), H.E Mohammed Al-Hadari, SCA Deputy CEO for Organization and Support Services, called for the setting up of a special XBRL Committee at the GCC level and expressed UAE’s readiness to share its experience and provide support for the committee, suggesting that the proposed committee should be in the form of the XBRL – UAE. 

From:

Emirates Securities & Commodities Authority press release

Digital financial reporting through XBRL is the future

IRIS Business Services is now offering XBRL solutions to Tadawul Stock Exchange in Saudi Arabia.

 IRIS Business Services is now offering XBRL solutions to Tadawul Stock Exchange in Saudi Arabia. IRIS is re-developing the Saudi Arabian Corporate Profiler system of Tadawul using XBRL technology. This also involves designing and building the taxonomy for covering all filing requirements.

From:

Saudi Gazette

Tally launches e-filing in MCA with IRIS XBRL solution

Popular ERP Tally leverages IRIS’ XBRL domain expertise to offer a truly integrated experience for companies to file with the Ministry of Company Affairs (MCA).

The launch of Tally.ERP 9 Release 3.3 pioneers a truly integrated experience for companies who need to comply with the Ministry of Company Affairs (MCA) filing requirements in XBRL format. To ensure complete coverage, Tally leveraged the domain expertise of IRIS Business Services Limited. Over the last five years, IRIS has been very closely involved in the XBRL space, in taxonomy creation, software solutions and in the conversion of structured and unstructured data into XBRL for SEC filing in the US.

From:

Express Computer

Cost audit reports to come under the ambit of XBRL

Companies will now consider incorporating XBRL internally as it will lead to automation, cost savings and better quality of information

Companies will now consider incorporating XBRL internally as it will lead to automation, cost savings and better quality of information and decision making, thereby realizing that xbrl is good for them and not a burden after all, said S. Swaminathan, IRIS, Business Services.

From:

Economic Times

XBRL Adoption Gains Ground

XBRL involves business reporting to all types of regulators, including tax and financial authorities, central banks and governments. It also enables filing of loan reports and applications; credit risk assessments, exchange of information between government departments or between other institutions, such as central banks.

"IRIS has built an electronic filing system (IRIS iFile). It is a simple spread sheet in which banks have to feed the data. The data is automatically converted into the XBRL format before being transmitted to the RBI," said Shweta Gupta from IRIS, in an exclusive interaction with CXOtoday

From:

CXO Today

Now, mutual fund companies adopt the new financial reporting format XBRL

SEBI introduces voluntary XBRL based e-filing for mutual funds.

Body: NEW DELHI: After being successfully introduced last year, the new financial reporting format, XBRL, is now being adopted by many mutual fund companies to enhance corporate governance as well as to improve risk management and control. Moreover, it is being done completely voluntarily with no diktat for mutual fund companies from the government on XBRL implementation.

From:

The Economic Times

iCreate and IRIS partner for XBRL-compliant Regulatory Reporting

Partnership with XBRL pioneer to augment Banking BI product BizScore's RBI ADF compliance module

Bangalore - Banking BI specialist iCreate Software today announced a strategic partnership with IRIS Business Services Limited, India’s leading XBRL solutions provider.

As part of the agreement, iCreate will harness IRIS' XBRL expertise and its suite of XBRL tools and technology components into their flagship Banking BI product Biz$core with a view to enhancing the banks’ ability to generate XBRL-compliant RBI and other regulatory and compliance reports.

From:

Express Computer

Emirates capital market regulator implements XBRL for listed companies

Securities Commission of Emirates adopts XBRL for e-reporting by listed companies.

ABU DHABI — In association with the bourses, the Emirates Securities and Commodities Authority (SCA), has implemented the international financial reporting standards for listed companies, a move which will increase greater disclosures, transparency and bring investors’ confidence.

From:

Khaleej Times

SCA signs agreement with ADX, DFM to implement XBRL in UAE

The Emirates capital market regulator opts for XBRL, IRIS chosen for implementation

The Emirates Securities and Commodities Authority (SCA) has signed an agreement with the Abu Dhabi Stock Exchange (ADX) and the Dubai Financial Market (DFM) to start implementing international financial reporting standards for listed companies, by using the eXtensible Business Reporting Language (XBRL).

From:

Emirates News Agency

With XBRL you can't hide

An article by S. Swaminathan is the Founder CEO of IRIS, and India’s leading XBRL evangelist

An article by S. Swaminathan is the Founder CEO of IRIS, and India’s leading XBRL evangelist "At IRIS, our exercise to develop India’s first XBRL database of listed companies threw up some startling findings. We were stunned that for several companies, the financial statements for financial year 2008 lacked internal consistency in the sense that the numbers reported in the schedules did not tally with the number in the main financial statement. The variations ranged from as high as 40 per cent in some elements in some companies to less than 1 per cent in others" 

From:

Business Today

Scope of XBRL is immense in India: IRIS

XBRL enabled Financial Reporting is not new to India, it was one of the initial countries who adopted the XBRL enabled Financial Reporting in as early as October of 2008

XBRL enabled Financial Reporting is not new to India, it was one of the initial countries who adopted the XBRL enabled Financial Reporting in as early as October of 2008; though the scope of reporting was very limited. It was introduced on a larger scale in the Financial Year of 2010-11. In India, a majority of companies follow the Financial Year starting the 1st of April and ending on the 31st of March. In the 1st year of applicability, approximately 25,000 to 30,000 companies were covered, which constituted merely 3% of approximately 900,000 companies registered in India with the Ministry of Company Affairs (MCA)

From:

NDTV

TwitterUpdates

IRIS Business Services Can lending institutions identify non-performing assets well in time? With CRILC, they can! https://t.co/XIefw81ohp https://t.co/JTl4a8OThk 02 Dec 2016

IRIS Business Services Incorrect sign is still a common issue in SEC filings. Read why: https://t.co/2LQpWyiYES https://t.co/MAsrZSrUDp 02 Dec 2016

 

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