Greek Listed Insurance Company European Reliance is Ready to Publish in ESEF
In June 2021, the reporting team at one of Greece’s biggest insurance companies, European Reliance, sat down to prepare for ESEF. Instead of waiting until the last minute, they chose to get a head start on the process, and now they are 100% ready to publish in ESEF next year.
After the team at European Reliance used the ParsePort XBRL Converter to carry out a test conversion of their 2020 annual financial report, we sat down with George Gkouskos, finance manager at European Reliance, to talk about getting ready for the new reporting format.
European Reliance Wanted to Be 100% Ready to Publish in ESEF
With so many companies choosing to wait until later in the year to start their ESEF preparations, the first thing we wanted to ask George Gkouskos was why he and his team chose to get ready for ESEF in June.
“I think the biggest reason was that we wanted to make sure we would be 100% ready to publish in ESEF next year, and we didn’t want any surprises. In Greece we can upload a test ESEF report to the Athens Stock Exchange and see how it is validated. We wanted to seize that opportunity so we could ensure a perfect result when we publish our 2021 report. It is worth noting that as of today, only 5 listed Companies have published their iXBRL files on the test platform of the Athens Stock Exchange. And thanks to Parseport we are one of them.” George said.
Like the Athens Stock Exchange, OAMs in many other countries also offer the opportunity to perform test validations of ESEF reports, but it is also possible to use the ParsePort XBRL Inspector to validate a test version of your ESEF report.
European Reliance Tested Their Files with the Athens Stock Exchange
“I still can’t get over how easy it is to convert annual financial reports to ESEF. I just uploaded the two files to the ParsePort XBRL Converter and clicked convert,” George said, when we asked him about his experience performing a test conversion of their annual financial report for 2020.
“We had very few issues during the report creation process, and your support team was quick to help us resolve them. Honestly, I think most of the issues we had was due to it being the first time we were converting to ESEF,” George said, “but that’s why we did it now. When we convert our 2021 report, it won’t be the first time. Now we know what to expect.”
“I would urge every company who needs to publish in ESEF to make a test ESEF report, and have it validated by their OAM or use one of the review tools,” George said. “It’s easy, it doesn’t cost anything extra, and I’m certain it will make publishing our 2021 report in ESEF a lot smoother.”
European Reliance is Ready for ESEF Perfection Next Year
Many auditors and providers will focus on mapping errors when talking about ESEF but depending on the tool you choose there is a wide range of errors that can occur.
Some errors will block your report from being accepted and others will not. Creating a test report and validating it early, means you will have plenty of time to figure out which errors you need to sort out before you need to publish in ESEF.
Finishing our conversation with George, we were curious to find out what the result of their test upload to the Athens Stock Exchange was.
“There was a couple of inconsistencies in our report, which we were already aware of, but they weren’t blocking errors, so we can wait until next year with resolving them. Other than that, we had some trouble when uploading our ESEF file to the stock exchange platform, but your support team was extremely helpful during this process, and they made sure we were able to get everything sorted out in time,” George said.