IRIS FinX uses the XBRL-GL framework to meet a company's financial automation needs, right from financial consolidation, internal reporting, generation of XBRL based regulatory reports, and MIS.
FinX can function as a bolt-on software and can accept inputs from any established ERP or home grown accounting packages as well as in any flat file format.
It is a browser based solution hosted within the company’s environment, but also is a cloud ready product which can also be hosted to offer a managed servicesmodel.
Major modules of FinX are –
End-to-End XBRL Filing
IFRS Transition rule engine (under development)
- Analytical Tools
- Filing Preparation
- Instance Document Creation
- Instance Document Validation
- Instance Document Viewing
- Quality Assurance
- Taxonomy Viewing
- XBRL Processors/Software Libraries
IRIS Business Services Limited is a global XBRL software products and solutions company with clients in over 15 countries. IRIS works with financial regulators, central banks, stock exchanges, business registries, and financial printers, accounting firms, commercial banks, mutual funds and companies.
As a firm with deep commitment to the XBRL standard, IRIS is a member of various XBRL jurisdictions, and involved in several XBRL working groups across XBRL International, XBRL US, XBRL Europe and XBRL India.
FinX facilitates –
• Generation of standalone and consolidated financial statements
• Automates the calculation and passing of JV for minority interest, goodwill/capital reserve
• Foreign currency translation calculation
• Adjustments or modifications into trial balance accounts, by passing journal entries within the system.
• Automates Intercompany eliminations and reconciliation
• Provides drill down and audit logs for all activities carried out in the tool
• Disclosure management module to facilitate generation of various schedules and notes to accounts
• MIS and BI dashboards
• XBRL conversion to multiple taxonomies (standalone and consolidated) for regulatory reporting
• IFRS compliant consolidation