ESMA has mandated all issuers of publicly traded securities to prepare annual financial statements in European Single Electronic Format (ESEF) for the financial years beginning on or after Jan 1, 2020. The ESEF mandate and the compliance readiness of filers and software vendors were therefore main discussion points at the XBRL online conference.
DataTracks used the conference to highlight the key features of its Rainbow™ ESEF solution, such as the ability to read PDF reports and retain the same layout in the output without compromising on design elements, the two-stage in-built validation mechanism, easy XBRL tagging and rolling forward of tags from one version of an annual report to the next. DataTracks also demonstrated its collaborative platform ORG, which enables reviewers to render iXBRL documents online, review XBRL tags, share comments, approve and sign off on tags, as well as compare the latest version with a previous one to review changes.
DataTracks Rainbow™ for ESEF comes in two variants. First, a bolt-on solution that reads PDF and generates iXBRL output retaining the layout. Second, an integrated solution that connects with multiple data sources to automatically populate the report data and allowing multiple users to collaborate and update the content and XBRL tags. Once the newly designed PDF annual report is uploaded into Rainbow™, tags can be carried forward from the earlier version of the annual report to generate the iXBRL output quickly and seamlessly.
Pramodh Vittal, Vice-President – Product Management, said: “Issuers’ concerns about tag consistency, especially if they are dual-listed or preparing the documents in multiple languages, have been addressed with our roll forward feature, which seamlessly carries the tags from one version to another irrespective of regulation or document language. Our customers can tag and finalize iXBRL in their draft version while the design studios work on the PDF. Once the final PDF is ready, they can upload it into Rainbow™ and quickly transfer tags from the draft version using the roll forward feature.”
He added: “Our two-stage validation mechanism – during tagging and during the output generation – reduces iterations and assures error-free output for submission to the regulator.”
Sriram Srinivasan, Vice-President – Sales in EU region, said: “With the filing under ESEF mandate starting in early 2021, different business enterprises will find our solution an optimal fit as it guarantees quick and reliable implementation without impacting their existing processes. Without any significant retooling, our customers in the European Union can continue to produce financial statements for filing with ESMA and for investors. With many pilots already delivered successfully through Rainbow™, we are glad that our solution assures our customers about compliance well ahead of the mandate.”
DataTracks is a global leader in disclosure management software. DataTracks serves more than 17,500 business enterprises in 24 countries. DataTracks software and services have been used to prepare more than 180,000 compliance reports so far for filing with regulators such as SEC in the United States, ESMA, EBA and EIOPA in the European Union, HMRC in the United Kingdom, ACRA in Singapore, SSM in Malaysia, CIPC in South Africa and MCA in India.
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