How Do You Turn the ESEF Reporting Mandate into An Opportunity?
Choosing the right ESEF reporting software for complying with the European Single Electronic Format (ESEF) requirements could be the kickstart you need on your journey to greater finance efficiency and effectiveness.
What Benefits Can Disclosure Management Offer Beyond ESEF Compliance?
Avoid the Disruption of Late Changes
Linking directly from the numbers and comparatives to your source data, you can refresh data at any time to automatically update report narratives as numbers fluctuate, reducing the risk of manual errors and taking the stress out of last-minute changes.
Tagging Shouldn’t Be an Annual Fire Drill
With the right software, compliance becomes an opportunity to streamline and integrate all the data-gathering and presentation aspects of financial reporting, leaving your finance team better placed to deliver strategic value.
Improve Workflows Through Controlled Collaboration
Collaboration features allow team members to work together inside their reports to get work completed faster while ensuring that the proper approvals are given before moving forward.
Transition to Automated Narrative Reporting
Step into the new frontier of financial efficiency and effectiveness by providing consistency across all internal and external reporting, including ESMA ESEF. With automated narrative reporting integrated with XBRL tagging, your organization can streamline and enhance virtually all aspects of the report production process to reduce risks and costs.
Link Source Data Directly to Report Outputs
Create dynamic reports that update automatically when the numbers change in underlying data sources. Ensure that all your documents, including glossy annual reports, electronic filings, press releases, and investor presentations, are always in sync and consistent.
System Guided Tagging and Anchoring
Make the complicated simple with business rules to ensure ESEF-compliant tagging and anchoring. There’s no need to be an expert in XBRL taxonomy with the ability to tag documents and automatically generate the iXBRL format required to comply with the ESMA ESEF reporting standard.
Technology Based on Familiar Applications
Ease of use is directly tied to a shorter time to value when considering new software. insightsoftware’s disclosure management solutions wrap a secure layer of control around familiar tools like Microsoft Excel, Word, PowerPoint, and Adobe InDesign so you continue to work the way you know, with an added layer of control and consistency.
ESMA’s ESEF: A Roadmap to iXBRL Compliance
A major change in financial reporting rules is on its way for companies listed on regulated markets in the European Economic Area (EEA).
The European Securities and Markets Authority (ESMA) is introducing a European Single Electronic Format (ESEF) that will be mandatory for all annual financial reports (AFRs) filed for financial years starting on or after 1st January 2021.
Key elements of ESEF include the requirement to file reports in XHTML format and to tag financial data with Inline eXtensible Business Reporting Language (iXBRL), which allows for machine-readability and easy comparison across companies and countries.
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