Why is a technical solution to the compilation of annual financial reports in ESEF reporting format advisable?
The required ESEF reporting format changes the processes needed to compile annual financial reports. Reports must be created in XHTML. IFRS consolidated accounts must, in addition, have XBRL tags. ESMA to this end developed a uniform taxonomy that is made available to all issuers. Inline XBRL technology is used to integrate XBRL tags into XHTML documents.
A technical solution is advisable to ensure the new regulatory requirements will be met.
How will the ESEF-Manager support my compilation of annual financial reports in ESEF reporting format?
The ESF-Manager will assist you in conveniently compiling your annual financial reports in ESEF reporting format in just a few steps either by manual input of your data or by importation from your legacy systems.
The next step entails mandatory tagging of the components of the report by simple identification and assignment of the requisite tags. You will then be able to convert the tagged annual financial report into the required XHTML format.
In which formats can I enter data into the ESEF-Manager?
Data for annual financial reports may be imported for further processing from many data formats, including Word, Excel, PDF, XML, XHTML.
How does tagging work?
IFRS consolidated accounts will need XBRL tags in addition. ESMA also provides a uniform tagging system, the so-called ESEF taxonomy, to be used for tagging of components of reports. The ESEF-Manager will allow mandatory labelling by clicking or marking the value to tag and then selecting and assigning a taxonomy position. The ESEF taxonomy may also be extended by customised corporate tags, if needed. Unlimited numbers of tags may be placed. Automated learning may in future also allow semi-automated tagging.
Which components of my report can I create using the ESEF-Manager?
The tagging process and subsequent generation and preview of the file are integrated into the ESEF-Manager.
All the necessary components of the report (e.g. balance sheet, statement of income and accumulated earnings, statement of changes in equity, cash flow statement) will be available. The mandatory components ESMA requires in ESEF reports will be automatically preselected. Optional components are available to be added to your report.
Can I check the generated data before transmission?
Yes, the generated data can always be previewed before transmitting. The XHTML file is a file in which XBRL tags can be superimposed. A summary will be displayed when you click on a tagged value or text.
Can I use the ESEF-Manager to submit my annual financial report to the OAM in ESEF reporting format?
Yes, if the interface is available, you may easily and conveniently transmit your ESEF reporting formatted annual financial report directly to the German OAM (Officially Appointed Mechanism in accordance with Transparency Directive 2013/50/EU). An API to other national OAMs in the EU is planned.
Like to learn more about the ESEF-Manager? Then simply contact us! We will gladly advise you.