Are you confident you will be able to convert your annual report and tag accurately? Read the blog to learn how to get ready with CCH Tagetik iXBRL, powered by CoreFiling!
This year sees another positive step towards corporate transparency through further digitization of financial reporting. In 2020, public companies across Europe submit their last PDF-based annual financial reports (AFRs) and get ready to use the European Single Electronic Format (ESEF). From 1st January 2021, every issuer on a regulated European exchange, will need to create HTML-based reports with inline XBRL (iXBRL) tagging to meet the ESEF requirement. Tagging scope will initially be limited to the main financial statements and will be increased to include all financial information, with detailed tagging of the complete AFR on the horizon.
Are you ready? Are you confident you will be able to convert your annual report and tag accurately? Are you comfortable with the increased tagging to come? ESEF uses iXBRL, which is an open standard used by millions of companies globally to bridge the gap between the structured data required by regulators and analysts, while allowing those preparing the reports to retain full control over layout and presentation. It’s a good thing. It’s progress. But it needs preparation.
