IRIS Electron is a platform agnostic data preparation tool (Tool for XBRL based Reporting). It allows filing entities to prepare their Reporting as per the defined reporting requirements. Electron can be easily accessed using web browser of choice since it’s a server-based application which can be accessed by multiple users over the network. Electron is intuitively very easy to use for business users since it has a simple webform based interface and hides lot of technical complexities at the backend. The users of Electron would be most likely the reporting entities who could just login into the application and input data as per their compliance requirements and make their submissions. Users can also revisit the forms they have previously submitted for quick access and editing.
Features
Template Generator
This module enables users to customize their electronic reporting templates for data collection. E existing taxonomy files will be used for dynamically creating filing templates, ensuring ease of using the tool. This generation of template will be done only once which will be stored and prepopulated the next time the user opens the IRIS Electron tools.
Data validation engine
IRIS Electron’s validation engine comes with an inbuilt XBRL specification check and other business rules/custom validations, as defined in the taxonomy. On validation failure, the error details of the rules failing validation will be displayed on screen. Users can also add custom rules to ensure that a valid XBRL report is generated before going ahead with the filing.
Importing Data from XBRL, Predefined CSV/Excel
With the IRIS Electron, users can import data from external source files including XBRL xml, predefined CSV, and Excel. The mapping to relevant fields within the template is automated for ease of data input.
Auto-tagging
Auto-tagging is a function that will perform automatic assignment of data selected in the source document to the respective elements in the template based on the matching rules available in the tool (Rule repository). This makes the filing submission error-free and faster.
XBRL Generation
On successful validation, the XBRL processor would convert the data filled to an output file in the format of XBRL/iXBRL/CSV depending on the option selected by the user.
Version Checking and Auto-Updates
Electron comes with a feature to support changes in business requirements with new versions of return templates. Hence, businesses can have access to a seamless version check and update processes automatically, without any additional assistance.
