| By introducing XBRL for reporting, regulators and government agencies can |
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Analyze and compare reported data much more quickly, efficiently and reliably. |
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The data obtained in XBRL can be automatically entered into the system without rekeying or reformatting it. |
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Reduction in time and costs by automating routine tasks. |
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Leads to focus efforts on data analysis and decision making |
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XBRL helps in determining discrepancies in filing. |
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Promote efficiencies and cost savings throughout the regulatory filing process. |
| IRIS’ Offering for Regulators & Government agencies
A complete end to end XBRL compliant electronic filing solution, IRIS iFile revolutionizes the way information is managed, collected, stored and disseminated. The solution has user-friendly spreadsheets as the interface, with support for templates that completely hide the complexities of XBRL document creation and seamlessly integrates all the steps from information reporting to dissemination in multiple formats including web and MS Excel. IRIS iFile is highly flexible and modular, and each of the modules can be rapidly customized to meet various end user requirements. The application supports both XBRL and non XBRL data, and also allows for easy upload of attachments and other documents. IRIS iFile can also facilitate implementation in a phased manner within any regulatory environment and can be easily scaled up to cover all reporting requirements. Further, the application also supports multiple languages and can be customized for any language specific requirements of clients. |
| iFile offers flexibility to be deployed across domains. In the non capital markets space, iFile is in the process of being implemented to facilitate bank reporting to India's Central Bank (the Reserve Bank of India). This includes dimensional reports based on Basel II norms. With the successful implementation of capital adequacy; RBI is now looking at bringing all the RBI has adopted XBRL and will progressively move all reporting under XBRL framework. |
| IRIS Business Services is the only Indian firm to have worked on defining an XBRL road map and on the World Bank funded project on XBRL developed for the Republic of Macedonia. This project is expected to reduce the administrative burden on companies, stimulate Foreign Direct Investment, comply with international and pan-European associations and introduce enhanced risk-based EU compliance framework. |
