According to the ESEF reporting mandate issued by the regulatory authority of the EU, the ESMA (European Securities and Markets Authority), every listed company in the EU is required to prepare their annual financial reports in the new European Single Electronic Format (ESEF).As per the new mandate, all the annual financial reports are required to be prepared in XHTML format. Furthermore, if a report contains the consolidated financial statement, the XHTML documents must also include iXBRL elements, as per the ESEF taxonomy.
Until now, eligible entities have been required to file annual financial reports in PDF format. However, the current reporting format has several frailties, as a result of which, the quality of data being submitted was merely sub-par.The primary reason behind the introduction of the ESEF reporting framework is to boost transparency in the EU and the EEA (European Economic Area)-regulated markets, enabling investors, public authorities, issuers, and other users of financial statements to carry out meticulous analysis of such information.
Initially, the ESMA mandated all publicly traded securities issuers in the EU and the EEA (European Economic Area)-regulated markets to prepare annual financial reports in European Single Electronic Format (ESEF) for the financial year, with effect from 1st January 2020. Later the European Commission provided the option to member states with the option to postpone the mandate further, to the financial year beginning on or after Jan 2021, with voluntary submission until the further mandate. This is the right time for you to become proactive and prepare yourself for your ESEF reporting, thereby avoiding any bottleneck situations.
DataTracks provides end-to-end ESEF reporting services to cater to all your filing needs. With a pool experts on board, DataTracks boasts error-free filing and strict adherence to quality.
What’s more, DataTracks has already acquired 100+ clients for ESEF reporting during the voluntary phase. Needless to say, our experts have hands-on experience with ESEF reporting and compliance with the ESMA requirements.
DataTracks Rainbow™ is a self-managed software solution, offered by DataTracks, that accepts input in various formats, including Word, HTML and high style PDF, and converts them into XHTML format or iXBRL format, whereby all style elements remain intact.
DataTracks also offers a robust Online Reviewers Guide, along with our DataTracks Rainbow software solution, that allows issuers to collaborate and preview iXBRL, execute validation, review tagging decisions and even make comments or suggest changes to the document.What’s more, by allowing approval of XBRL tags and conducting discussions against every single reported fact, the ORG facilitates powerful collaboration between internal and external users and auditors. In fact, if the reporting is done in two different languages, the Online Reviewers Guide from DataTracks facilitates easy comparison of such documents.Features of the ORG (Online Reviewers Guide)
Leverage of the DataTracks Online Reviewers Guide for a powerful collaboration experience and accurate comparison between different XBRL versions.
Final Review Process/Validation
The ESMA has implemented several quality checks and validation processes to iron out all the errors before submitting financial reports. Working and re-working on every single error can be a cumbersome and time-consuming process.
Complex Mapping and Tag Selection
The process of preparing iXBRL-based financial reports is tedious and comprises several tasks of mapping and tagging
Handling of negative values
Stringent rules concerned with accumulated depreciation, amortisation and impairment are in place. An error occurs every time a negative value is obtained, where a positive value was expected. Handling these negative values can be a real head-scratcher if you are not familiar with the ESEF taxonomy.
How DataTracks can help?
Simplify Your Compliance Process
By leveraging the reliable and trustworthy ESEF reporting software solution and services from DataTracks, eligible entities can substantially simplify their reporting process.
Ensure Accuracy of Reports
By leveraging the expertise of trained iXBRL professionals, DataTracks has earned a name for itself within the ESEF reporting framework and iXBRL taxonomy. So, rest assured, all the annual financial reports will be accurate and highly authoritative.
Secure and efficient storage of data
All the data is stored securely in a cloud-based data centre in Frankfurt, Germany. At DataTracks, we are ISO certified for the Data Security measures we take. Furthermore, DataTracks has a dedicated privacy team that continuously monitors the performance and changes in regulations, so you don’t have to fret about data fraud or theft.
Remain Compliant with the Latest ESMA Requirements
Keeping up with the changing requirements of the ESMA can be challenging. However, the experts at DataTracks are always up-to-date with the latest updates, to ensure that your company complies with every single ESMA requirement.
DataTracks Rainbow DMS With ease
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Quick, easy compliance
With our bolt-on approach of reading rich design PDF, allowing the XBRL tagging on top, and generating the XHTML whilst retaining the same rich design, filers need not make significant changes to their current processes.
Easy XBRL tagging
Create and manage XBRL with multiple tagging options for table and narrative content, with taxonomy listed in all the EU languages. Roll forward and re-use XBRL tags from previous filings for consistency. Our software, which is certified by XBRL International, assures error-free output for live submission with ESMA.
Collaboration and co-authoring
Prepare compliance reports in our cloud-based software with multiple people from diﬀerent locations working simultaneously on the same document, by directly uploading, manual input or copy-pasting of data. Highlight and insert comments on the document where discussion is required. Track all changes to the document and accept/reject changes.
You can use our Autolink feature to connect and import the data from your ERP systems and various other data sources, including oﬄine spreadsheets, to ensure comprehensive data integrity. With our Data cloning feature, you can link the same data items in multiple locations within the document, so that changes made in one location are reflected in all the locations.
Easy last-minute changes
Last-minute changes can be handled quickly; changes made to the content are automatically updated in all the output files.
Regulate data access
User group and authority levels regulate a user’s privileges on various activities within the application. Split the document into as many sections as you want and manage user access to each section.
Multiple output formats
Export outputs in multiple formats, such as HTML, XHTML, PDF, Word and Excel. Additional specific requirements of each EU member state are also covered.
Certified XBRL creation software
Our software is certified by the XBRL International Organization, assuring error-free XBRL/iXBRL output. Furthermore, XBRL data is also validated against the rules outlined by the Data Quality Committee (DQC) of XBRL US, which will be useful for companies with dual filing responsibility (ESMA and US SEC).
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DataTracks stood out from other providers of ESEF solution for its off the shelf technical solution that suits us, many years of experience and suitable references, while at the same time providing the solution at a competitive price. DataTracks has been very responsive and cooperative throughout the entire time of the ESEF vendor selection process. Good experiences kept on going also at the time of our training process. They shared with us every little detail and guided us through the mapping and tagging process. Once again, it turned out that we had chosen an excellent outsourcing partner for the ESEF solution. At this point, we are very satisfied with DataTracks services and are looking forward to take the next stepswith them.
Our focus was primarily on choosing a user-friendly and easy-to-use solution to enhance transparency and simplify our reporting efforts. The introduction of DataTracks’ Rainbow™ solution for ESEF convinced us as the overall package of functionality, technical requirements, intuitive operation, and support by their experts
Voor de migratie van Excel naar XBRL is contact gezocht met Datatracks. Met behulp van hun AIFMD software en instruction manual wordt het vrij éénvoudig om de Excel rapportages te downloaden, te bewerken en als XML-bestand aan te kunnen leveren.
Op vragen (zowel telefonisch als per e-mail) is zeer behulpzaam en snel gereageerd, kortom mijn kennismaking met Datatracks heb ik als zeer positief ervaren.
We worked with the incredible assistance of DataTracks to ensure we successfully filed our FINREP/COREP report with the regulator. We found DataTracks solutions easy to use. Their technical support team was knowledgeable, easy to work with and assisted us round the clock to ensure we filed the report on time and without errors. All this at a competitive price point. Our experience has ensured we will have no hesitation in using the services of DataTracks on an ongoing basis.
We have been using DT’s SII software for the successful submission of the last three quarterly and the last annual QRTs to the regulators with the application is very user friendly and helpful in identifying any validation errors, giving sufficient and accurate information for the identification and correction of these errors. The preparation of the XBRL and excel output files normally runs within a reasonable time and hence this enables the user to regenerate XBRL files if needed. We are very satisfied form the customer support which is efficient and available at any day and time. We are impressed of the response time to our queries. In conclusion we are very satisfied from the application and we would definitely recommend it.
Compared with other tools it is much more efficient and user friendly. Especially the validation process and the way errors are reported are a big improvement. Besides this they provide world class support. And even if the error reports can’t help you to the right answer, the people behind the tool of customer support are very helpful. Their response time is very good, even outside office hours. Most important, they have the drive to help you till the last error is solved.
I am writing to let you know that “Glacier”, the new application for Solvency pillar ii reporting, developed by your company is very user friendly and very quick. It is also very helpful , enabling the user to easily identify and correct any validation errors. Furthermore the, production of the output XBRL and excel file is also quick and this saves considerable time especially in cases where for any reason the input and output process needs to be run several times for reasons not related to the application itself. I would recommend it to any company regardless of the its size since it is a simple and simultaneously efficient application which is what is needed for the particular task.
We were already really pleased with the ‘old’ Datatracks tool, but it was a pleasant surprise that you launched Glacier. It is a great improvement! It saves us a lot of time and now it is easier to validate the file, make some adjustments, upload and validate again. I also want to mention the service level you provide, we appreciate your fast response to questions and your help despite the time difference with The Netherlands.
DataTracks Glacier is a great improvement on an already good product. The processing speed is very good, but what strikes me above all is the clarity of the workflow.
The service has been outstanding and would certainly be recommended. Even though strict deadlines needed to be met, the team went above and beyond to accommodate our needs. Each and every member of the staff that we came in contact with was very friendly and approachable, qualities that added value to the streamlining of the whole procedure.
Large Slovenian Bank
Slovenian Multinational Insurance company
Investment Management Company - Netherlands
Investment Management Firm - UK
Insurance company - Cyprus
Insurance company - Netherlands
Investment Management Firm - Malta
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