ParsePort and Silvester Group join forces to offer 'Peace of Mind ESEF Package' in Germany

Today German Silvester Group announced that they have selected ParsePort as their technology partner for ESEF-compliant, machine-readable financial reporting and publishing in iXBRL format. Their choice is the result of a detailed analysis of all relevant XBRL providers. Together with Silvester Group we will assist German companies with ESEF-compliant, machine-readable financial reporting and publishing processes in iXBRL format in Germany. With the investor relations service specialists from Silvester Group we can offer a highly reliable iXBRL/ESEF process for the German market.

The ‘Peace of Mind ESEF Package’ is a combined effort where we, together with Silvester Group, will demystify the functional requirements governing the preparation of IFRS financial reports with a uniform structure that can be read by humans and machines alike. While we bring the expertise in converting files to XBRL and iXBRL files, Silvester Group brings more than 30 years of expertise in designing, creating and editing annual and financial reports. 

The ‘Peace of Mind ESEF Package’ will be offered to corporate clients at a very attractive price and delivers two main benefits:

  1. Expertise for practical implementation and simple control processes.
    • The Silvester Group has been writing, designing and producing annual reports for more than 30 years.
    • Its team of investor relations experts, financial analysts, economic advisors and management consultants have developed a practical, benchmark-oriented approach to taxonomy allocation (tagging) and simple use in the control process that does not add any further complexity to processes even during ‘critical phases’.
  2. Technology capable of proven, high-performance, fully automated conversion.
    • With our pan-European presence, We offer what is currently the fastest, most cost-efficient and fully automated iXBRL solution for European companies – in keeping with our motto “XBRL made simple”.
    • All that is needed are the PDF files of the annual reports and the MS Excel files used during the drafting process.

 

A Short Introduction to iXBRL and ESEF

Starting January 1st 2020, all IFRS annual reports in the EU must be published in a standardized electronic reporting format (European Single Electronic Format). ESMA (The European Securities and Markets Authority) has created a consistent ESEF taxonomy for this purpose, which is based on the IFRS taxonomy. 

The figures in the IFRS annual financial statements of an annual report must be tagged according to the corresponding taxonomies to ensure a clear, uniform and machine-readable structure. The report must further be published in iXBRL.

To make it easier on companies to comply fully with ESEF, the mandate has a transition period. Starting January 2020 the main sections of the financial statements and general company information must be tagged, but it isn’t until reporting for the financial year of 2022 that all notes to the financial statements must also be tagged.

Luckily we have already solved the issue with tagging the notes section in an intuitive way which ends in a visually appealing result. You can see a demonstration of hypertagging in the video below.

About Silvester Group

The Silvester Group supports corporate clients in implementing their financial and corporate communications, branding, sustainability and CSR communications and digitalization strategies. Its interdisciplinary team crafts companies’ professional dialogue with their stakeholders, providing strategic, creative, media-related and technological insight to deliver the complete package.

In the area of investor relations (IR), the Silvester Group advises on and designs successful capital markets communications – acting as an outsourced IR department in some cases. It has been in business for around 30 years and has delivered over 2,150 financial communications projects for clients across all sectors during this time. The Silvester Group currently employs more than 50 staff at its offices in Hamburg and Frankfurt am Main.