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Company CEO, S Swaminathan Participates in SME Corner - CNBC Awaaz

Founder and CEO of IRIS Business Solutions, S Swaminathan in conversation with CNBC-Awaaz, on their programme - SME Corner

India, Tuesday, 6 April 2018

IRIS Business Coverage by SME Corner- CNBC Awaaz. Founder and  CEO of IRIS Business Solutions, S Swaminathan participates in the discussion. To view the complete coverage click here

From:

IRIS Coverage in SME Corner- CNBC Awaaz

IRIS CARBON® Successfully Completes SOC 1 (SSAE 18) TYPE 1 Examination

The AICPA now vouches for IRIS CARBON®’s systems. Clearing the SOC 1 (SSAE18) TYPE 1 examination points our ability to address data security concerns effectively.

India, Tuesday, 3 April 2018

We have been in the business of managing information for a long time. Our expertise in setting up quality compliance systems has sensitized us to the privacy and security concerns of our clients. Since inception, therefore, IRIS CARBON® has tackled these areas with a great deal of thought and care.

We chose the exacting audit standard of the American Institute of Certified Public Accountants (AICPA) to vouch for our processes, controls, policies and strategies around managing your information.

We are pleased to announce that IRIS CARBON® successfully completed the SOC 1 (SSAE18) TYPE 1 Examination. This comes as a welcome endorsement of our systems and procedures that we already knew to be robust and efficient.

IRIS CARBON® is currently used by companies and partners in 5 countries, to manage financial data and reports, and create filings to be submitted to regulators. The completion of this audit adds to the certainty and credibility we provide to our clients.

For full report, read here: IRIS CARBON® Successfully Completes SOC 1 (SSAE 16) TYPE 1 Examination

From:

IRIS CARBON® Successfully Completes SOC 1 (SSAE 18) TYPE 1 Examination

IRIS Scores Big in South Africa with 2 Wins in One Day

South Africa’s business registry, the Companies and Intellectual Property Commission (CIPC) launched its pilot XBRL filing program yesterday, with technology from global XBRL major, IRIS. The historic first filing received by the CIPC was created for Transpaco, on IRIS CARBON®, the cloud-based collaborative authoring software, also from IRIS.

India, Wednesday, 21 February 2018

South Africa’s business registry, the Companies and Intellectual Property Commission (CIPC) launched its pilot XBRL filing program yesterday, with technology from global XBRL major, IRIS.

In a parallel development, marking yet another huge win for IRIS, the historic first filing received by the CIPC was created for Transpaco, on IRIS CARBON®, the cloud-based collaborative authoring software, also from IRIS.

From:

IRIS scores big in South Africa with 2 wins in one day

IRIS Awarded ISO 27001 Certification for Information Security

India's leading GST Suvidha Provider (GSP), IRIS Business Services Limited (IRIS) today announced that it has been awarded the ISO 27001 for Information Security.

India, Thursday, 11 January, 2018

India's leading GST Suvidha Provider (GSP), IRIS Business Services Limited (IRIS) today announced that it has been awarded the ISO 27001 for Information Security.

In a statement released here today, the company announced that after a thorough and rigorous audit of its IRISGST division, the global accreditation agency and business standards company, BSI awarded the certification to IRIS for software development and maintenance as well as associated support services.

For full press release click here

From:

IRIS awarded ISO 27001 Certification for Information Security

IRIS to Partner EOH, South Africa's Biggest Information Services Company

IRIS Carbon® will help South African companies to comply with the mandate of the Companies & Intellectual Property Commission (CIPC) regarding Annual Financial Statements (AFS) filing to CIPC.

India, Monday, 26 December,2017

IRIS Carbon® will help South African companies to comply with the mandate of the Companies & Intellectual Property Commission (CIPC) regarding Annual Financial Statements (AFS) filing to CIPC. Under the mandate, some 100000 South African companies have to submit their Annual Financial Statements in this reporting standard called iXBRL. This becomes effective from July 2018.

For full press release click here

From:

IRIS to partner EOH in South Africa

IRIS CARBON® for South Africa Launched

Global XBRL major, Iris Business Services Limited announced the launch of IRIS Carbon® for South African regulatory reporting markets. South Africa will be the 5th Country where IRIS Carbon® is being offered.

India, Friday, 22 December,2017

Global XBRL major, Iris Business Services Limited announced the launch of IRIS CARBON® for South African regulatory reporting markets. South Africa will be the 5th Country where IRIS CARBON® is being offered. IRIS CARBON® is a disclosure management platform that will help South Africa filers to prepare their annual reports in iXBRL and file with the CIPC, South Africa.

For full press release click here

From:

IRIS CARBON launched for South Africa

IRIS to implement Supervisory Information System for Nepal Rastra Bank

IRIS Business Services Limited (IRIS) has entered into an agreement with PricewaterhouseCoopers India Pvt. ltd for the design, supply and implementation of a Supervisory Information System for the Central Bank of Nepal, Nepal Rastra Bank.

India, Friday, 12 December,2017

IRIS Business Services Limited (IRIS) has entered into an agreement with PricewaterhouseCoopers India Pvt. ltd for the design, supply and implementation of a Supervisory Information System for the Central Bank of Nepal, Nepal Rastra Bank.

For full press release click here

From:

IRIS to implement Supervisory Information System for NRB

IRIS Tops List of SEC Filing Software Providers in USA with 100% Error-free Filings

IRIS Carbon®, a SAAS offering used by enterprises to fulfill their compliance requirements, has topped an independent evaluation in the USA for generating filings with 100% accuracy.

India, Monday, 4 December,2017

IRIS Carbon, a SAAS offering used by enterprises to fulfill their compliance requirements, has topped an independent evaluation in the USA for generating filings with 100% accuracy. IRIS CARBON has in-built validations as per SEC mandate on formatting as well as formulae and XBRL syntax which ensures superior quality output data files. The software which is also used by enterprises in the UK, Ireland and Italy will be soon launched in South Africa. 

For full press release click here

From:

Quarterly XBRL-based Public Company Financial Report Quality Measurement (Nov 2017)

IRIS’ Developed National Sports Talent Search Portal Launched by the Hon’ble Vice President of India

The National Sports Talent Search portal, an initiative of the Ministry of Youth Affairs and Sports, was launched on 28 August, 2017 by the Hon’ble Vice President of India, Shri M. Venkaiah Naidu. The portal has been developed by IRIS Business Services Ltd, a leading compliance and analytics solution provider based out of Navi Mumbai, Maharashtra.

India, Monday, 28 August,2017

The National Sports Talent Search portal, an initiative of the Ministry of Youth Affairs and Sports, was launched on 28 August, 2017 by the Hon’ble Vice President of India, Shri M. Venkaiah Naidu. The portal has been developed by IRIS Business Services Ltd, a leading compliance and analytics solution provider based out of Navi Mumbai, Maharashtra.  

Through this portal, the parent, coach or teacher of any child can upload information about the child and bring his / her sporting achievements to the attention of the Sports Authority of India for evaluation and further action as warranted.  

For full press release click here

From:

Press Release by Press Information Bureau

IRIS Shortlisted as GST Suvidha Provider (GSP)

Goods and Services tax (GST), often known as a historic reform, is now around the corner. And IRIS is happy to share that we have been shortlisted as one of the few GST Suvidha Providers

December 26, 2016

IRIS Business Services Limited has been shortlisted as a GST Suvidha Provder (GSP), one of only 34 companies chosen by the Good and Services Tax Network (GSTN). More than 300 companies had initially expressed an interest to be one, of which only 34, including IRIS, have made the cut.

The appointment of GSPs is an important step as the government moves to make GST a reality in India. The GST Suvidha Providers are expected to provide convenient, innovative methods to taxpayers and other stakeholders in interacting with the GST systems from registration of entity to uploading of invoice details and reconciliation to filing of returns.

To learn more about GSPs, please visit here. IRIS Shortlisted as GST Suvidha Provider

From:

IRIS shortlisted as GST Suvidha Provider (GSP)

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 RT https://t.co/NSMzGbtv3B 03 Oct 2018

IRIS Business Services RT https://t.co/iCl6cUxH9F 28 Sep 2018

 

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