IRIS Carbon Blogs

Attention Compliance Team: New SEC EDGAR Upgrade Important note for Q3 filers

Attention Compliance Team: New SEC EDGAR Upgrade Important note for Q3 filers

The current version upgrade of 17.2, the EDGAR systems will support only two recent versions of the GAAP taxonomy – i.e. 2017 US GAAP and 2016 US GAAP taxonomy. Apart from this, the EDGAR systems no longer support some of the supporting taxonomies such as 2013 COUNTRY taxonomy, 2014 CURRENCY taxonomy and the 2015 EXCH taxonomy.

US GAAP 2018 Taxonomy is out for public comments

US GAAP 2018 Taxonomy is out for public comments

The SEC strongly believes that inline XBRL submissions will improve the data quality and over time, decrease cost of preparation of data. This will also decrease compliance requirement of dual filing of EDGAR HTML and XBRL documents since inline XBRL combines both XBRL and HTML into one single viewable document.

Why Inline XBRL Filing has got More Popular in the Past Year

Why Inline XBRL Filing has got More Popular in the Past Year

SEC this march proposed the use of inline XBRLformat for SEC submissions which was introduced voluntarily last year.The number of companies that have adopted Inline XBRL has quadrupled in a year. This clearly shows inline XBRL is easing out the lives of the preparers.

From a Tactical CFO to a Strategic Business Leader

From a Tactical CFO to a Strategic Business Leader

How to transform from a Tactical CFO to a Strategic Business Leader? The answer lies in the use of technology. Read here to know how adoption of these technologies can free up slices of time before you know it.

Attention CFOs: Your Data is Your Responsibility

Attention CFOs: Your Data is Your Responsibility

Leaving the preparation of your SEC compliance documents to inexperienced service providers can lead to gross errors in your XBRL documents. As a CFO, are you guilty of this too? What can you do about it?

Share Based Compensation: An Accounting Tool to Retain Talent?

Share Based Compensation: An Accounting Tool to Retain Talent?

With the current spurt in ecommerce, many companies use share-based compensation to attract and retain quality talent. However, with a slip in valuation, the market may negatively discount the high share-based compensation. Should share-based compensation be treated as a cash expense?

Is Your XBRL Report Reflecting Your Actual Data?

Is Your XBRL Report Reflecting Your Actual Data?

The US SEC requires filing in XBRL for standardization and machine led data consumption, and in HTML for easy readability of data. But many times these reports are not in sync. What are the reasons for this and how can you avoid it?

XBRL Filing: Going from Compliance Cost to Strategic Aide

XBRL Filing: Going from Compliance Cost to Strategic Aide

7 years after XBRL was introduced for SEC filing in the US, it hasn't achieved its true potential with filers. It continues to be pinned down as compliance cost instead of being seen as a strategic aide to the CFO. But XBRL is about more than just cost and has a lot to offer even to filers.

Can Your Validated XBRL Report have Incorrect Data?

Can Your Validated XBRL Report have Incorrect Data?

Though XBRL has in-built rules to validate data at source, there are some data inconsistencies that still pass the validation rules yet provide incorrect data. Read here to know how these can be tackled by having multiple rules and checks.

5 Easy Inline XBRL Tagging Rules to Master Your SEC Filing

5 Easy Inline XBRL Tagging Rules to Master Your SEC Filing

Since the SEC's announcement on voluntary filing in iXBRL, more and more companies are looking to adopt iXBRL given its time and cost efficiencies. In response to any questions filers might have, we have come up with a list of 5 easy inline XBRL tagging rules to help you master your inline XBRL SEC filing.

10 Facts You Need to Know About Inline XBRL for SEC Filing

10 Facts You Need to Know About Inline XBRL for SEC Filing

The SEC’s move to accept voluntary iXBRL filings is a blessing for the filing community. It has long term benefits of reduction in report preparation time and costs and increase in data use for analysis. Here is a list of 10 facts you need to know about the SEC's announcement on inline XBRL filing.

Inline XBRL to Raise the Ante on Data Quality

Inline XBRL to Raise the Ante on Data Quality

The SEC has announced that it will allow companies to voluntarily file structured financial statement data in Inline XBRL (iXBRL). What does this move augur for filing companies and for data quality in general?

 Is Incorrect Context Hampering Your Data Quality?

Is Incorrect Context Hampering Your Data Quality?

Good quality data can be achieved by putting in place validation rules and checks that can help clean data at the source itself. But quality has many dimensions and therefore checks too need to go beyond data-related ones to include technical validity, inconsistencies and other hygiene factors. How can we address the many dimensions of data quality?

3 Things an Analyst Needs to Know About Other Comprehensive Income

3 Things an Analyst Needs to Know About Other Comprehensive Income

Other Comprehensive Income is a better way to build a more accurate picture of financial performance. An IRIS Study found out that for years 2014 and 2015, if the OCI transactions were to be actually realized, these could have potentially affected the Net Profits of the respective years by as much as 15%. Read to find more.

How Duplicate Facts Can Ruin Your SEC Filing

How Duplicate Facts Can Ruin Your SEC Filing

Duplicate Facts clutter the report, violate the XII guidance and result in calculation validations being skipped. Companies filing such reports run the risk of poor quality data. Is your XBRL software competent enough to handle this?

It's Raining Cash for S&P 100 Shareholders

It's Raining Cash for S&P 100 Shareholders

In the past 3 years, a massive $1.76 trillion cash has been returned to shareholders by S&P 100 companies; 43% of which was towards dividends and 57% towards stock-buybacks. Stock-buybacks seem to be the flavour of the season. Do you have these shares in your portfolio to cash in on the trend?

Is it Homecoming Yet for Undistributed Foreign Earnings?

Is it Homecoming Yet for Undistributed Foreign Earnings?

$764 bn or 40% of aggregate FY 2015 revenues for top US multinationals is lying offshore. With increased focus on the existing deferral tax system can we expect a homecoming for undistributed foreign earnings?

A 5 Step Guide to Incorporating Proactive Compliance into Your Business

A 5 Step Guide to Incorporating Proactive Compliance into Your Business

With the cost of non compliance moving from penalties and litigations to audits, diminished brand value and higher attrition rates, more & more organizations are adopting Proactive Compliance that maps compliance processes, controls, audits and risk plans back to the business. A 5 step guide to incorporate proactive compliance into your business.

How to keep your Client's Unaccounted Wealth from ruining your Regulatory Compliance

How to keep your Client's Unaccounted Wealth from ruining your Regulatory Compliance

Under the Anti Money Laundering initiative of Government of India, the Prevention of Money Laundering Act, 2002 mandates banks, financial intermediaries, financial institutions, enforcement agencies & national data portals to report all Cash Transactions & Suspicious Transactions to Financial Intelligence Unit – India ( FIU-IND). Are You Ready?

A Tale of Plunging Oil Prices and Swelling Credit Provisions

A Tale of Plunging Oil Prices and Swelling Credit Provisions

Plumetting oil prices have hit banking stocks in two ways. Direct: Credit exposure to oil and Indirect: Credit exposure to other industries hugely dependent on oil. Is the financial backbone of the economy strong enogh to hold the compression?

Monsanto Fined $80Million for Accounting Violations

Monsanto Fined $80Million for Accounting Violations

Monsanto, an American agrochemical & agricultural biotechnology corporation is in the news for an $80 mn penalty that the SEC has slapped on the firm for accounting violations. An analysis to find out what the numbers say.

Top 7 Cloud Computing Myths Debunked

Top 7 Cloud Computing Myths Debunked

72% of organizations worldwide have at least one application or a portion of their computing infrastructure in the cloud yet there are several organizations that hesitate to make the move. Are you also relinquishing the opportunity for true innovation?

Transitioning from Data Aggregation to Data Analysis

Transitioning from Data Aggregation to Data Analysis

With increased focus on the accuracy and transparency of data, standards such as XBRL are increasingly taking centre stage when it comes to data aggregation. While this can often be overwhelming for users, it is important to plan and implement solutions that are adaptable and offer long term benefits over short term wins. Are you ready to move from aggregation to analysis?

The Essential SEC Filing Deadlines Calendar 2016

The Essential SEC Filing Deadlines Calendar 2016

The SEC Deadlines Calendar 2016 carries important dates for SEC filing of key forms like Form 10-K, Form 10-Q, Form 8-K and others such as Form 3, Form 4, Form 5, Form 20-F, Form DEF 14-A, Schedule 13-G, Form 13-F and Form 13-D.

What's Missing in Your Transactional Reporting?

What's Missing in Your Transactional Reporting?

XBRL Global Ledger ensures standardization of your transactional reports, but can it ensure accurate data? An e-audit application controls and audits your accounting records, ledgers and journal entries as per business rules: regulatory as well as custom. Implement now to reap benefits.

XBRL in 2015: A Technical View

XBRL in 2015: A Technical View

2015 has been an exciting year for XBRL with the standard witnessing much progress and adoption around the world. From OIM to XBRL GL 2015, and Taxonomy Packages Specification to Assertive Severity Specification, here’s a quick recap of some important technical updates the standard saw in 2015.

6 Reasons Why You Should Invest in XBRL

6 Reasons Why You Should Invest in XBRL

6 Reasons that suggest why XBRL is THE next wave in Electronic Reporting. With XBRL fast becoming a global standard, this is the right time to understand why you should invest in XBRL.

New to FATCA? Here is What You Need to Know

New to FATCA? Here is What You Need to Know

Under the Foreign Account Tax Compliance Act (FATCA), the U.S Internal Revenue Services (IRS) mandates Foreign Financial Institutions (FFIs) to report all foreign financial accounts held by U.S. domestic taxpayers or else be liable to pay withholding penalties. Are You Ready?

Transforming Compliance to Enterprise Risk Management

Transforming Compliance to Enterprise Risk Management

The compliance officer of an enterprise is the pallbearer of the company when it comes to assessing and managing risk. Read how you can integrate Enterprise Risk Management into the organization’s DNA and move away from merely managing compliance.

The Valeant saga: A Case for Prevention over Cure?

The Valeant saga: A Case for Prevention over Cure?

Valeant, the Canada-based multinational specialty drugs company is in the news since a short-sell report alleged that it is another Enron in the making. Could the firm have avoided the negative press if it had proactively disclosed more information than was required by the law?

SECs Disclosure Effectiveness Initiative: Call for Comments

SECs Disclosure Effectiveness Initiative: Call for Comments

Under the SEC’s Disclosure Effectiveness Initiative, SEC has requested for comments on Regulation S-X that deals with the registrant’s disclosures related to company business transactions with entities other than itself. What is Regulation S-X and what do you need to do?

Inline XBRL : More to it Than Meets the Eye

Inline XBRL : More to it Than Meets the Eye

To reduce the burden of preparing both XBRL and Edgar documents by companies, the US SEC is considering iXBRL in Business Reporting. Will this be just another regulatory requirement or can iXBRL help streamline the reporting process for enterprises?

iXBRL: A Major Link in Business Reporting Evolution

iXBRL: A Major Link in Business Reporting Evolution

iXBRL is simply a computer-processable and viewable document which combines the qualities of XBRL and HTML in a single document which is viewable in a browser. An iXBRL document is a well-formatted HTML file with the XBRL information embedded beneath.

Are You Babysitting Your 10-Q and 10-K

Are You Babysitting Your 10-Q and 10-K

With SEC filings to be made every quarter, a compliance office is busy through the year. Is there a way to ensure a top-quality filing while having full visibility and control over your document?

Who Moved My Document?

Who Moved My Document?

Cloud Computing is finding application in organizations’ compliance programs making teams more productive, enabling collaboration, saving costs and crunching timelines. Are you part of the change?

Creating a Culture of Compliance

Creating a Culture of Compliance

What is it about compliance that employees maintain an arm’s length from it and how can it be made part of the organization’s mainstream culture?

Using Technology to Future-proof Compliance

Using Technology to Future-proof Compliance

With increased complexity in the regulatory environment, and growing demands on the compliance office, can technology help reduce an organizations risk of non-compliance?

What Happens When Values in XBRL are Captured with Wrong Signage

What Happens When Values in XBRL are Captured with Wrong Signage

XBRL has the ability to separate the presentation layer from the calculation layer i.e. the way the information is captured for calculation versus for presentation. Hence, a negative reported item need not be negative in XBRL. Read on to find out the effect of wrong signage in XBRL filing.