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 the IMAGE system. This manual process of submission and storing is very tedious; also the processing of the submitted documents is a lot of time-consuming. To overcome this, the Department of Business Development wants to improve its system and implement e-filing. This service will be convenient for filers as it will reduce processing time and expense. After studying and analyzing 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, which will help companies to auto-populate data from other files like excel or word documents. IRIS has also developed the taxonomy for Thailand which is based on the Thai GAAP.”