Grupo Média Capital’s ESEF Compliance Made Easy By Deloitte Portugal-IRIS CARBON®

A case study on Grupo Media Capital’s ESEF compliance and the part IRIS CARBON® played in facilitating high-quality iXBRL reports.

Customer Profile

Grupo Média Capital,

Grupo Média Capital, SGPS, S.A. is one of the leading Portuguese media groups and is listed on the stock exchange. The company owns

  • TVI: Consisting of channels- TVI, CNN Portugal, TVI Fiction, TVI Reality, and TVI International reaching more than 10 million Portuguese speakers worldwide through its information, entertainment, and fiction
  • Media Capital Digital: With 46 Million visits per month and 185 Million page views per month on the group’s websites and 8.2 million followers on social networks and including IOL, the second largest national portal, and TVI Player
  • Plural Entertainment: one of the largest Iberian producers of audiovisual content (winner of two International Emmys in 2010 and 2018), as well as an EMAV company providing technical services and image capture, and EPC construction and rental scenario company, both with operation with several players in the national and European market

Partner Profile


Deloitte & Associados SROC, S.A. is the Portuguese member firm of Deloitte Touche Tohmatsu Limited (DTTL). They provide audit & assurance, consulting, financial advisory, risk advisory, and tax through the following separate and legally distinct subsidiaries and affiliates of Deloitte & Associados SROC, S.A. services

  • Deloitte & Associados SROC, S.A. – audit & assurance, risk advisory e tax services
  • Deloitte Consultores, S.A. – consulting e financial advisory service
  • SGG – Serviços Gerais de Gestão, S.A. – outsourcing services in the areas of accounting and management consulting in the same general areas.

Deloitte Portugal is IRIS CARBON®ʼs partner catering to the Portugal market. IRIS CARBON® is an intuitive platform that can handle all functions involved in the ESEF compliance process seamlessly – leading up to a high-quality digital filing that serves the information needs of all stakeholders.

Business Challenges

The team at Grupo Média Capital was unfamiliar with the procedure of transitioning the annual report into the iXBRL format. Grupo Média Capital encountered challenges while using the latest ESEF taxonomy, tagging the line items per relevant ESEF concepts, defining extensions and anchoring, and performing validation tests. So, to comply with the ESEF mandate, Grupo Média Capital sought a vendor that came with extensive XBRL knowledge and expertise.

Why Grupo Media Capital Chose IRIS CARBON®

Grupo Média Capital agreed to a contract with Deloitte Portugal-IRIS CARBON® to initiate its ESEF compliance procedure due to the following factor

Substantial References For IRIS CARBON®

The ESEF reporting system and services of IRIS CARBON® were strongly recommended by Deloitte Portugal. Strong recommendations enabled the Grupo Média Capital team to land their trust over IRIS CARBON® for helping them comply with the ESEF mandate.

Outstanding Demonstration Of The IRIS CARBON® Platform

The presentations were given by the team IRIS CARBON® were in simple language and easy to understand. Utilizing Grupo Média Capitalʼs previous year’s annual report to run demonstrations on IRIS CARBON®ʼs intuitive platform, effortlessly reciprocated the fundamentals of tagging to the team Grupo Média Capital. IRIS CARBON® promised to deliver a high-quality ESEF iXBRL annual report with unlimited support from their in-house XBRL experts.

“The interface was extremely user-friendly, similar to the publishing software that I had used before, so easy enough to adapt to. Navigating from one section to the other of the annual report on the platform comes with the simple click of a button.” He adds “I was impressed to see that the documents came out to be a true copy of the PDF. The PDF and iXBRL document were just identical.”

As David
Chief Financial Officer

Project Objectives

With the above-mentioned challenges in view, the following project objectives for ESEF reporting were defined

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The IRIS CARBON® Approach

Grupo Média Capitalʻs ESEF reporting was handled by IRIS CARBON® in the following manner

1. iXBRL Creation For The 2020 Annual Report (Dry-Run)

XBRL experts from IRIS CARBON® began by performing a dry run for Grupo Média Capital by utilizing the company’s 2020 annual report that was available at the time.

As part of the process of doing a dry run, the 2020 annual report for Grupo Média Capital was loaded onto the IRIS CARBON® platform. The annual report for 2020 was embedded with the necessary tags selected from the recent ESEF taxonomy. In the absence of suitable tags, team IRIS CARBON® developed extensions and further anchoring relationships were specified for these extensions.

IRIS CARBON® had gone as far as validating the files on their end with a multi-layered quality review and validation process, to ensure that there are no signs of errors present in the generated iXBRL file.

2.  About The XBRL, iXBRL, and Complying With The ESEF Mandate Process

The shift from publishing an annual report in PDF format to iXBRL format made it vital for IRIS CARBON® to brief the Grupo Média Capital team about the entire ESEF filing process. Sessions on covering the fundamentals of XBRL, iXBRL, their distinctions, and the details about the newly rolled ESEF mandate and the released taxonomy.

3. Understanding IRIS CARBON® Platformʼs Review Module

Well-designed training sessions were organized by the IRIS CARBON® XBRL experts team including the key ideas for the annual report review process. These training sessions were primarily intended to familiarise the Grupo Média Capital team with the IRIS CARBON® platform. For inculcating relative understanding, the IRIS CARBON® team used the recently created 2020 iXBRL annual report (in the dry run) for demonstrating the entire review process.

IRIS CARBON® platform review module made it easy for team Grupo Média Capital to approve the applied XBRL tags on the 2020 iXBRL annual report. Team Grupo Média Capital leveraged the IRIS CARBON® platform’s ‘commenting’ feature to submit queries where there were issues that required more clarification. The ‘commenting’ feature allowed submitting change requests if any. This feature enabled them to connect directly with the XBRL expert team at IRIS CARBON® who promptly reverted to the queries posed by the Grupo Média Capital team through the platform, there and then.

What made the IRIS CARBON® platform special was a summary of the ʻdashboardʼ. This helped in monitoring the entire reviewing process of the iXBRL 2020 annual report. The dashboard indicates if the applied tag was accepted, pending, or rejected. It even showed the comment status, like – the number of comments that have been addressed or are still pending. The dashboard provided both teams with real-time visibility into the reviewing process and the progress of the specified remarks.

An ideal ESEF compliance software supports validation and evaluates the tagged document for any issues (errors or warning indications). IRIS CARBON® has an integrated XII-accredited Bushchat validator, that enables executing validations in real-time and promptly identifies all errors in the annual report. Therefore, team Grupo Média Capital saved a substantial amount of time and produced an error-free, high-quality output file.

4. iXBRL Creation Of 2021 Annual Report (Live Filing)

The 2020 ESEF iXBRL yearly report served as the foundation or the base for the 2021 ESEF iXBRL file. Team Grupo Média Capital provided the fiscal year 2021 annual report data, which was then loaded onto the IRIS CARBON® platform. Using the rollover feature of IRIS CARBON®, all the previously authorized tags were then reapplied to the iXBRL 2021 annual report. Additional line items in the 2021 annual report were either tagged or anchored (based on the extensions created).

Once the iXBRL 2021 annual report was created by IRIS CARBON®, the same report was shared with Grupo Média Capital and the auditors for reviewing purposes. On approval and signing off, Grupo Média Capital filed its 2021 annual report in the iXBRL format.

It can be said that the simulation of the 2020 iXBRL annual report and the accompanying training workshops expedited the entire review process for the year 2021.

David’s take on training sessions organized by IRIS CARBON® was:

“The training sessions organized by IRIS CARBON® were interactive. They gave a wide overview of the platform, making us aware of leveraging the platform to its maximum efficiency to generate a superior quality ESEF file for submission.” He adds “The training sessions were so thorough that my notes were sufficient for easy review of 2021 filing a year later.”

Key Results Achieved

Grupo Média Capital was able to achieve its compliance goals by choosing IRIS CARBON® as its ESEF reporting software of choice. The IRIS CARBON® platform ensures exceptional quality and the greatest support at all times.

At a glance, here are the most important results obtained

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