From 1st of January 2021, all European public companies will need to create HTML based annual reports with iXBRL (inline XBRL) tagging to meet the European Single Electronic Format (ESEF) requirement mandated by European Securities and Markets Authority (ESMA).
The reason is to enable documents to provide both human and machine-readable data, increase the speed of handling, reduce the chance of error, and to permit the automatic check of information. The compliance is achieved by tagging each piece of financial information with a label that identifies it in terms of standard accounting or tax concepts.
The 2020 annual reports will already have to be prepared according to the new standard and although the process might sound complicated it does not need to be.
With our solution, you can take your annual financial statement, easily map & tag according to the ESEF taxonomy, and publish it. The software provides an identifying tag to each individual item of business data, and the more statements you tag, the shorter the process will become. The previous year’s tagging will also form the basis for the next year so things will get easier and quicker. The tagging is straightforward with an obvious one-to-one match between financial line items and tags in the report.
The mandatory information that needs to be tagged in the first submission is:
The best way to show you how the filing system works is with a personalized demo with one of our representatives, where we can have a brief conversation to assess the solution, a live demo with insights into how it works, and a discussion of your needs to determine the best path forward for your business.
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