Specialists In XBRL And Regulatory Reporting Solutions
For Investment Firms, Fund Managers, Fund Administrators, Financial Institutions, Insurance Companies and Listed Companies
12 Regulations. 16 years. 26 countries. 19,900 clients. 200,000 reports.
Specialists In XBRL And Regulatory Reporting Solutions
For Investment Firms, Fund Managers, Fund Administrators, Financial Institutions, Insurance Companies and Listed Companies

12 Regulations. 16 years. 26 countries. 19,900 clients. 200,000 reports.
16
Years
26
Countries
19,900
Clients
200,000
Reports

DATATRACKS

ESEF Reporting Framework

According to the ESEF 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.

The Need for ESEF Reporting

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.

When the ESEF Reports be filed?

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.

Our Solutions

DataTracks Outsourced Managed Service

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 Self-managed Software

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.

Benefits

  • A pool of trained iXBRL experts at your service
  • Error-free services
  • Quick TAT, based on the requirements of your company
  • Last-minute filers? We’ve got you covered!
  • Got 100+ files you need to convert? No worries, large volumes are not a problem for us

Benefits

  • iXBRL reports at the click of just a few buttons
  • The pre-validation gateway of the DataTracks Rainbow, certified by XBRL International, ensures that every document produced is error-free and compliant with the latest ESMA reporting requirements.
  • The software accepts rich design PDF and produces iXBRL or xHTML files, whereby the same design layout is retained.
  • Ensures peace of mind in regulatory reporting

 

Online Reviewers Guide along with DataTracks Rainbow

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)

Features of the ORG (Online Reviewers Guide)

  • Preview iXBRL document online in a 3-pane view
  • Create multiple versions of the filing document
  • Exchange comments against tagged facts on the document
  • Comparison with previous versions
  • Validation using arelle and display of the end result

Leverage of the DataTracks Online Reviewers Guide for a powerful collaboration experience and accurate comparison between different XBRL versions.

Challenges in ESEF Reporting

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?

How DataTracks can help?

Simplify Your Compliance Process

By leveraging the reliable and trustworthy ESEF reporting 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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Features That Set Us Apart

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.

Data consistency

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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