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Before XBRL was implemented in Thailand’s Department of Business Development (DBD), entities used to submit their data in paper form. These source documents were stored as images in DBD’s system. The transition from paper to electronic format was a daunting task. DBD decided to provide filers with filing tools to help them move from paper formats to e-filing. IRIS developed an e-filing XBRL application powered by IRIS iFILE for all 500,000+ companies based on the filing requirements and business rules used for validation. The project went live in January 2015 and around 3,000 successful filings have been done since by companies using the e-filing XBRL application. DBD has made the e-filing platform open to all legal entities. Currently, filing financial data with DBD through the XBRL-based e-filing system is voluntary.

The Bank of Mauritius (BoM) embarked on its XBRL journey in 2014. It implemented a next-generation e-filing system, powered by IRIS iFILE, for compliance reporting of all the entities under BoM’s jurisdiction, which included banks, non-banking deposit-taking institutions, money changers, cash lenders, and cash dealers. The system also includes a Business Intelligence (BI) tool that creates standardized and custom reports for the analysis of data received from various banks. Bank of Mauritius partnered with IRIS for its XBRL implementation. The program that started in 2014 was implemented in six phases. While it currently covers 46 filing entities that submit around 92 forms to BoM, the system has been built for scalability and can accommodate additional filing entities and forms going forward.  The implementation has empowered BoM to get rich qualitative data that is timely, accurate, and easy to analyze from the filing entities. The system, coupled with Business Intelligence (BI) tools, provides standardized charts, custom reports, and pre-designed dashboards, helping easy analysis and review.

The Qatar Financial Centre Regulatory Authority (QFCRA), an independent regulator of the Qatar Financial Centre (QFC), upgrades prudential filings to more accurate and automated submissions using IRIS iFILE, an XBRL-based regulatory filing platform.

With more than 38 banks and 25 insurance firms reporting their data to QFCRA at varied frequencies, the challenge was to maintain data integrity and conduct quick analysis for effective, risk-based supervision. QFCRA decided to partner with IRIS and implement iFILE, IRIS’ XBRL-based regulatory filing platform. iFILE helped in effectively handling the various complexities in the process, reducing time and manual effort spent on reporting, and in ensuring consistent, accurate, and transparent data.
Additionally, with the implementation of business intelligence reports, QFCRA can now analyze the data for further business insights or research. The business intelligence reports give QFCRA access to over 700 tables and graphs, along with the capability to perform a risk analysis, make better decisions, detect incongruencies, gain insight into specific patterns or trends, and push the business process forward. It also enables them to drill down, slice-and-dice, and perform year-on-year or month-on-month comparisons of financial data. Parameterized reports also enable comparison between or across banks and insurance firms. With the implementation of a structured data solution like iFILE, QFCRA has effectively strengthened its risk-based approach to prudential supervision.

Emirates Securities and Commodities Authority (SCA), UAE plans to build the first end-to-end XBRL-based electronic filing platform (FIX) for the UAE market with the help of Fin-X Solutions (A wholly owned subsidiary of IRIS Business Services Ltd., India.). The FIX platform has been built using the IRIS iFile desktop tool which has been adopted successfully by various jurisdictions around the world.

UAE Taxonomy developed using IFRS 2011 taxonomy is probably the first Taxonomy to be published that is based on IFRS 2011 Taxonomy (by the time it is released for public review). This solution will help SCA collect financial information from companies, analyze the data, make regulatory recommendations, and enforce financial integrity in the UAE markets. Probably for the first time Corporate Actions and Governance are brought in by regulators as part of the filing requirements in XBRL based filing platform. Probably for the first time Capital Markets Regulator has made active use of Arabic labels in Taxonomy as well as the XBRL filing platform.

AfrAsia Bank, Mauritius is a commercial bank serving the Africa-Asia trade corridor, combining its strength and expertise in four core divisions, viz. Private Banking and Wealth Management, Corporate and Investment Banking, Global Business and Treasury.

Under the XBRL mandate of the Bank of Mauritius (BoM) issued in December 2014, all regulated banks of Mauritius were to report their regulatory returns in XBRL. The MS Excel® templates provided by BoM, embedded with validation rules to generate XBRL files, were quite manpower intensive, prone to errors and time consuming. Hence, BoM recommended all banks to adopt Automated Data Flow (ADF) system, thereby reducing/eliminating manual intervention and making the entire process seamless, efficient and transparent.

AfrAsia Bank implemented IRIS iDEAL and became the first Mauritian bank to adopt Automated Data Flow approach for data collection and regulatory reporting.
Read the full case study here to know the benefits AfrAsia Bank drew by implementing IRIS iDEAL.

The Reserve Bank of India (RBI), India’s central bank established in April 1935, regulates the currency and credit system of the country. It oversees a host of critical activities that include monetary policy regulation, supervision of banking and financial institutions and foreign exchange management.

In 2008, the central bank introduced XBRL-based reporting into its already existing Online Return Filing System (ORFS). Powered by IRIS iFILE, this new reporting system would help RBI to achieve significant benefits in the preparation, analysis and communication of business information. The RBI leveraged the XBRL standard for Basel II Reporting System, Section 42(2) Form A return of the RBI Act and for financial statement reporting.

This case study covers RBI’s journey to build a flexible reporting framework for regulatory submissions that can easily be scaled for future regulatory data needs.

The Indian Mutual Fund Industry has $120 billion in assets under management with 44 fund houses offering more than 3,000 schemes as of 2012. Securities and Exchange Board of India (SEBI) the regulator of the mutual fund industry, has progressively moved to a continuous disclosure regime. In 2010 IRIS built an e-reporting platform for SEBI that eased the process of report collection. IRIS also developed India’s first mutual fund XBRL taxonomy as part of this project. IRIS also created an XBRL report generation tool for mutual funds to create their reports for filing with SEBI. This case study tells the full story of how XBRL was implemented end to end in the Indian mutual fund industry.

The Republic of Macedonia, situated in the central Balkan Peninsula in South Eastern Europe adopted XBRL for electronification of the process of companies’ registration in the country. The Ministry of Economy of Macedonia was also keen that this project also provides an integrated e-solution to administration needs of the country. The ministry commissioned the consortium of IRIS Business Services of India and Enterprise Registry Solutions of Ireland to propose and build the XBRL solution. Read this case study to know how IRIS conceptualised, designed, implemented and commissioned one of the first XBRL projects in the Balkans.

The Saudi Stock Exchange (TADAWUL), founded on 19th March 2007, has a primary objective to ensure capital market integrity that includes fair functioning and assurance of quality. Being the market controller, it develops service excellence for customers (brokers, issuers, investors, vendors, etc.) and constantly strives to enhance the exchanges’ competence.

Tadawul opted for XBRL to transform its existing reporting platform to improve transparency in the Saudi capital market for investors. At the same time, Tadawul also wanted to generate revenue from the valuable information set that gets created through XBRL submissions. IRIS used its globally proven IRIS iFILE framework to develop the reporting platform. Read more about it in this case study.


IRIS Business Services (Asia) Pte. Ltd., Singapore

IRIS Business Services, LLC, USA

Atanou S.r.l. (Italy)

IRIS Logix Solutions Private Limited, India

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