End of year reporting is about to get a whole lot busier thanks to a new regulation – The European Single Electronic Format (ESEF) – which will see annual reports ‘go digital’
From 1 January 2021, all main-market listed businesses must comply with the European Single Electronic Format (ESEF) when they file their next annual financial report. This report must be made publicly available in XHTML format and viewable online with all primary statements (i.e. Income Tax, Balance Sheet, Cashflow statement and SOCIE) tagged in iXBRL. From January 2022, all notes to the account notes must also be tagged.
HOW DOES IT DIFFER FROM iXBRL?
ESEF will require more tagging and will be in the public realm
While the ESEF version of the annual report sees all primary statements tagged and related to the ESMA taxonomy, this is not just an extension of UK/Ireland iXBRL requirements. Key differences include:
OUR REPORTING PROCESS
The ESEF reporting process from Tax Systems requires minimal change to existing year-end processes or additional resource because it simply uses your previous annual report.
HOW WE HELP
ESEF needn’t demand a material change to your in-house finance processes. As providers of the market leading iXBRL offering, which has tagged tens of thousands of accounts since 2011, we have designed an easy to use, cost effective and secure process to ensure ESEF compliance.
We use your previous annual report PDF to generate the ESEF document. Imported into our software, primary statements relating to the ESMA taxonomy are tagged and, where this is unavailable, extensions and anchors are applied. The draft is then sent to you for sign-off at which point it can be seen by auditors, if desired.
A final version of the ESEF document is produced. Pre-agreed tags are applied and any changes tagged, including new line-items or those where the description has changed. The final document is then provided for publication together with a review report.
- Automates and manages the process to provide sufficient turnaround time
- Minimises disruption to end-of-year reporting schedule and reduces workload
- Reduces cost associated with report production
- Mitigates the risk of errors and reputational damage
- Standardises report production using PDF report input
- Secure data transfer ensures sensitive client data is managed appropriately
European Single Electronic Format (ESEF) will see the annual reporting process ‘go digital’ with new tagging, formatting and publication requirements. In this webinar we explore what’s involved, how you can minimise workloads and leverage the information to provide value to stakeholders.