Teleperformance Was the First Company to Publish in ESEF in France
With ESEF reports being published in more and more countries, companies all over Europe are in a race to become the first in their respective countries to publish in the new reporting format, and on February 26, 2021, the finance team at Teleperformance wrote history, when they became the first company to publish in ESEF in France.
For more than 40 years Teleperformance has been leading the field in customer experience management, and they help companies all over the world connect with their customers.
After they published their annual financial report for 2020 to Autorité des marchés financiers (AMF) we sat down with Mourad Ghachem, consolidation manager at Teleperformance, to talk about publishing in ESEF.
Implementing ESEF in France
AMF did a lot of work to help implementing ESEF in France. Aside from dedicating pages on their website to the regulations in force, and answers to the most frequently asked questions, they also hosted workshops dedicated to addressing the operational aspects of the new technical standard.
When we started preparing Mourad and Teleperformance for the ESEF process, we were already aware that a lot had been done to put French companies in the best possible position, but the Teleperformance consolidation team had gone the extra mile.
“We started out meeting with different ESEF providers to test the different tools, so we could figure out which was the best one,” Mourad said.
“As part of preparing for ESEF in France, we spent a lot of time trying to fully understand the taxonomy, and we even created our own mapping, which we brought before the different ESEF providers we met with,” Mourad said when we asked him about the preparations, he and the consolidation team at Teleperformance had done.
“XBRL is a complicated subject, so we could not replicate the pre-mapping we had done 100%, because then it wouldn’t have been correct, but we learned a lot, and it really helped us in selecting an ESEF vendor. We wanted someone who could help us understand and get better,” he said.
Teleperformance Wanted to Preserve Their Workflow
Creating an annual financial report is already a complicated process, which spans multiple teams cooperating to create one, finished product. This is also one of the reasons why selecting the right ESEF vendor is essential.
“When we were looking for an ESEF vendor, we paid extra attention to the different solution types. After meeting with different providers, we noticed that there were two different types of solutions. One type which would have us create the entire report within a dedicated software, and another, which converted our annual reports to ESEF after we were finished, and for us, the choice was very simple,” Mourad said. “We didn’t want to disturb our current reporting process, so we narrowed in on the tools that would let us convert our annual reports to ESEF after we are finished creating the report.”
The ParsePort XBRL Converter lets Teleperformance consolidation team upload their information in the form of a mapped excel template along with the PDF version of their annual report, and the converter merges the information from the two files into one finished iXBRL file.
Not Postponing Made Teleperformance the First to Report in ESEF in France
Like in so many other countries, companies in France have been given the option to postpone the ESEF requirement by one year, but Teleperformance did not take that opportunity.
“While I do understand that some companies have been tempted to postpone, we started our preparations in July of 2020, so even if we had wanted to postpone our ESEF project, we were too far in the process to not see it through.”
The decision to carry on with their ESEF project paid off, and on February 26, 2021 Teleperformance became the first company to publish an ESEF report in France. “We take great pride in being the first French company to publish in ESEF, and we couldn’t have done that without the ParsePort team, “Mourad finished.