Finding ESEF Stressful?

The new European Single Electronic Format (ESEF) is now mandatory for all Annual Financial Reports (AFRs) for main-market listed business.

Failure to produce an ESEF tagged AFR will mean you’re in breach of the FCA’s transparency rules, as well as potentially being an outlier in your sector or industry.

For those whose year-end was in December 2021, or those with a year-end this quarter, time is quickly running out to ensure that you’re ready and compliant.

So what are your options?

Option One

Outsource your ESEF tagging to the experts

We know that your financial year-end is an already busy time – so leave ESEF to us, and we’ll take care of it.

HASSLE FREE ESEF SERVICE

Leave your details below and we’ll get in touch to discuss how to make sure you’re ESEF compliant.








    Tax Systems can help

    We’ve developed a fully outsourced ESEF tagging service, based on our existing iXBRL tagging service (used for 10 years by over 300 companies), and FRC’s recommended process for this requirement.

    Key benefits to using digital annual reporting software

    • 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

    Option Two

    Prepare your ESEF report in-house

    The production of AFRs can already be costly and time-consuming. To carry out the task of ESEF tagging in-house as well, you will need to ensure you have the time and resource to eliminate the risk of errors and non-compliance.

    In 50 early structured ESEF tagged reports, the FRC’s Financial reporting lab found that:

    • More than 70% contained tagging errors
    • More than ½ had issues that limited their usability
    • More than 25% had design issues One of our tax specialists explains more about the impact of ESEF here:
    Read More

    How do ESEF and iXBRL reporting requirements differ?

    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 from HMRC. Key differences include:

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