These days, many publicly listed companies are on the market for an ESEF solution provider in order to live up to the ESEF mandate and Finnish company KoneCranes was no different.
Going into the process of selecting an ESEF provider the team at KoneCranes wanted to understand the concept of ESEF and what the result they would need to have by early 2021 should look like.
To find the best possible provider, they invited 7 dífferent ESEF vendors to be part of their selection process and in the end, they chose ParsePort.
After the process of implementing KoneCranes as a ParsePort client, we sat down with Jukka Pellikka, Group Financial Controller at KoneCranes, to have a chat about his experience with the process.
But before we get to that, we will provide you with a short description of the implementation process, to give you an idea of what happened after KoneCranes chose ParsePort as their ESEF service provider.
At ParsePort we handled the process of implementing KoneCranes with a four-step approach. This has turned out to be the easiest way for both us and our clients to implement the ParsePort product and become ESEF ready.
The process started when KoneCranes delivered their PDF and Excel files to ParsePort.
The second step of the process was taken care of at ParsePort, where a Service Team Member undertook the process of preparing the files, ensuring they could be converted into ESEF. During this process, the Service Team Member also ensured that the financial statements were mapped to the ESEF taxonomy, extensions were made where needed and the files would be validated and ESEF ready. And even more important the final glossy annual report in iXBRL would be identical to the original annual report in PDF.
After the initial preparation of the files our Service Team Member had a meeting with the team at KoneCranes. During the meeting, the Service Team Member and the KoneCranes team went over the files and sorted out any questions and comments regarding the conversion into ESEF.
The handover and implementation of the ParsePort XBRL Converter took place at the KoneCranes office in Finland, where our Service Team Member hosted a workshop to teach the team at KoneCranes how the solution functions in general and how to use it.
The implementation process displayed in the case of KoneCranes is far from unique. This is how we implement most of our clients. We aim to make XBRL simple and the same goes for the implementation process.
As already mentioned, KoneCranes initially looked at 7 different vendors, and when asked why they ended up choosing ParsePort, Jukka Pellika’s answer is quite clear. “We liked the idea that tagging was handled automatically if the line items were clear and matched to the glossary.” He states and continues, “During the selection process we noticed that ParsePort was the only supplier we reviewed, who could provide an ESEF file that looked exactly like the designed financial review we publish.”
He goes on to add, that many of the other vendors had a broader scope of functionalities in their software to manage the process of preparing financial statements and disclosures, which wasn’t needed in their case.
“In addition, ParsePort was one of the only vendors who could demonstrate a working system, as many of the other systems were still partly under construction, so we could not fully verify their functionality.”
When asked whether he expects any further training or assistance in applying the ParsePort solution in the future, Jukka’s answer falls quite promptly, “In common use I highly doubt that we would need much help until such a point when block tagging for disclosures becomes obligatory.”
The beauty of our implementation process is that after the initial four steps, KoneCranes will be able to handle everything in the coming years by simply using our portal. At ParsePort we say we want to make XBRL simple, and we mean it.