Are you ready for ESEF and iXBRL?

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.

ixbrl


But moving to ESEF-based publication needn’t be complicated. CCH Tagetik iXBRL, powered by CoreFiling, has yielded a smart solution. If you use MS Word or Excel for annual reports, creating ESEF reports is a breeze. CCH Tagetik provides a comprehensive solution for close, consolidation and reporting to generate the annual results and reports. With CCH Tagetik and CoreFiling’s iXBRL solution, when you’re ready to create your iXBRL file, formatting and layout is automatically converted, tagging is automated and assisted by machine learning based AI and reporting your specialist line items is easy and precise. There is no need to worry about future changes, full tagging is already supported, ready for when you need it and any changes in reporting requirements will be managed for you.


Confidence with your filings is everything. CoreFiling invented the iXBRL format and has applied this knowledge to producing hundreds of thousands of quality iXBRL documents to date. CCH Tagetik and CoreFiling combines best-in-class financial management with the market-leading iXBRL tagging and conversion to connect the narrative with the numbers. It’s the most innovative, trustworthy and fast solution available. And CCH Tagetik supports all 23 EU languages.

 

Find out more about this and other key capabilities here.

cch tagetik solutions

Share this post!