Changes in the new “ESEF season”

For financial years beginning on or after 1 January 2022, EU Regulation 2019/815 requires parts of the IFRS consolidated financial statements to be provided with mandatory disclosures (so-called text block tagging). These legal requirements as well as additional suggestions of the Institute of Public Auditors in Germany (IDW) have already been completely implemented in the ESEF-Manager.

Due to the extensive extensions of approx. 250 mandatory tags, the technical requirement is now no longer in the foreground – rather, technical questions frequently arise in the context of tagging.

What are the specific challenges?

In practice, the mandatory tags create the following specific challenges:

  • In the mandatory tags of EU Regulation 2019/815, there is no self-contained logical structure from a professional point of view. In practice, this can lead to incomplete tagging.
  • Errors and “inconsistencies” have sometimes occurred in the translation of the English version into German. This can lead to errors in tagging.
  • In tagging, a distinction is made between descriptions and disclosures, but there are various inconsistencies here. As a rule, there is an associated description for each disclosure. Sometimes, however, there is no disclosure for a description. In these cases, the question arises as to how and to what extent tagging is to be carried out.

We in the ESEF-Manager team are confronted with these and other specialist (tagging) questions on a daily basis.

How do we support you with the challenges?

Due to the large number of requests, we have expanded our offer independently of the technical software solution and now also offer professional support services – this ranges from support in individual questions to a “complete solution”, which includes the complete tagging of the IFRS consolidated financial statements.

You can choose between two service levels:

Service level Description Price in € (plus VAT)
Service level A We support you with technical questions regarding your ESEF report, the tagging as well as the correspondence with your auditor. 200,00 € per hour
Service level B We take over the complete technical preparation of the ESEF reporting package. This includes the conversion of the annual financial statements and the management report as well as the consolidated financial statements and the group management report and the declarations according to § 264 para. 2 sentence 3 HGB (“balance sheet oath”), § 289 para. 1 sentence 5 HGB (“management report oath”), § 297 para. 2 sentence 4 HGB (“group balance sheet oath”) and § 315 para. 1 sentence 5 HGB (“group management report oath”) into the ESEF reporting format and the tagging of the IFRS consolidated financial statements by using the inline XBRL technology. In addition, we also support you in the correspondence with your auditor.
With the associated licence for the so-called “auditor solution”, both you and the auditing persons can easily and quickly understand the proper allocation of the tagging and thus comply with the obligations.
from € 4,800.00 annually plus licence fees for the “auditor solution” (€ 1,800.00 annually)
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