Patentus Geared Up for a Positive ESEF Validation
Like so many other European companies Patentus has been spending the past months gearing up for ESEF, and in early February their efforts paid off. As they are now among the companies in Poland to receive a positive ESEF validation from Komisja Nadzoru Finansowego (the Polish OAM).
For the past 24 years Patentus has specialized in crafting specialized equipment for the mining industry, as well as the manufacture of large-size steel structures, conveyor transport systems, transmissions, gears, steel.
Patentus has been using the ParsePort XBRL Converter to convert their annual financial report to ESEF, and after their successful test on the KNF test environment, we sat down with Mrs. Krystyna Ligas, chief accounting officer at Patentus, to talk about their journey towards ESEF compliance.
Overcoming the Language Barrier
When it comes to ESEF reporting there is a wide range of challenges which can make the process more complicated than it has to be, and while mapping, graphics, and timing are among the challenges we most often address at ParsePort, one challenge we see many of our customers focus on is the challenge presented by language.
Because of this, one of the first things we discussed with Krystyna Ligas was about their choice to cooperate with an ESEF provider from outside of Poland.
“At first, we were a little concerned about choosing an ESEF provider that wasn’t Polish. We thought that the mapping of our report would be better, if it were performed by someone who spoke Polish. Our annual report is Polish after all, so it made sense to us that to ensure the validity of the mapping, the person mapping it would have to speak Polish too.” Krystyna Ligas started.
“But after seeing how the ParsePort XBRL products work, we realized, that we needed to focus more on the product, and less on the nationality of provider, and I’m glad we did. After all, that choice means that have now received a positive ESEF validation from KNF,” she added.
ParsePort Ensured That Patentus Got a Positive ESEF Validation
If every element in your annual financial report is mapped manually, it is true that it would be better to have the person in charge of mapping also master the language of the report in question. However, having someone manually apply mappings to your report is an ineffective solution in the first place.
Instead of performing manual mapping, we have created up a system of simplified tags, which automatically handles the mapping during conversion. This system consists of a set of dictionaries which matches each post in the financial statements with a taxonomy element no matter what language they are in.
The simplified tags carry out more than 90% of the mapping, and if anything is not mapped correctly during this process, we will add it to the dictionaries, so it is handled automatically in the future. This is why the ParsePort converter can handle mapping in any language.
“The mapping process couldn’t have been any easier. The ParsePort system correctly identified and mapped most of our posts. And the ParsePort mapping team gave us suggestions about which taxonomy elements the few posts that were not mapped automatically could be mapped to. That was it. So simple,” Krystyna Ligas said when we asked her about the mapping process.
Patentus Got a Positive ESEF Validation from KNF
Many Officially Appointed Mechanisms (OAM’s) across Europe has been allowing companies in their respective countries to test their ESEF reports against the taxonomy, in an effort to help the companies with their ESEF preparations, and Poland is no different.
At 09:19 on the 5th of February 2021, Patentus uploaded their ESEF package to the KNF test platform, and at 10:04 they received a positive test result. The technical validation was approved, which means the Patentus is now completely ready for ESEF.