WDP Was Among the First Companies to Publish in ESEF in Belgium
In March of 2021 Belgian listed company WDP (Warehouses De Pauw) became one of the very first companies to submit their annual financial report in ESEF in Belgium.
Afterwards we sat down with Kevin Van Petegem, Financial Controller at WDP to talk about the new reporting format and how they experienced the process of publishing in ESEF.
Selecting an ESEF Vendor in Belgium
During the early months of 2020 listed companies all over Europe were starting to prepare for the new reporting format. We asked Kevin, how the team began their preparations for the new reporting format.
“A lot of different vendors reached out to us in the spring of 2020. We met with a couple different vendors, but we narrowed in on ParsePort early in the process,” Kevin said. “After we’d looked into the different ESEF providers, it became clear that the one thing that really differed between them was the mapping. And that’s also why we chose you. Because the mapping is included in the product. We didn’t need to both find a tool and hire a taxonomy expert to help guide us through the mapping. We got both.”
After WDP chose ParsePort our mapping team created a conversion template based on their 2019 annual report. When WDP then need to create their next annual report, they can simply update the template with new figures, and use that along with their new annual report.
WDP Included Their Auditor from the Beginning
After the team at WDP had gone through a short training session teaching them to use the ParsePort XBRL Converter and Inspector they started looking through the proposed mapping with their auditor.
“The entire mapping process was pretty easy. After the mapping team at ParsePort had finished the mapping, we had our auditors look it over,” Kevin said. “They had some suggestions to change the mapping. In most cases the suggestions were implemented, but in some the ParsePort mapping team sat down and explained why the suggestions would result in errors.”
Correctly mapping an ESEF report isn’t an exact science.
What one auditor deems correct another may deem incorrect. At the same time, you need to have all the technical bases covered, which is why WDP’s inclusion of their auditor in the mapping process was a good choice.
Submitting One of the First Annual Reports in ESEF in Belgium
Finishing our conversation, we wanted to talk about their experience publishing in ESEF.
“We were contacted by a ParsePort account manager in the weeks leading up to our publishing deadline. She just wanted to make sure we were on top of everything. At that point we were almost completely ready to close the books on 2020,” Kevin said, “but you took the time to make sure we were ready, and that really speaks to the level of service you provide. Other than that, there isn’t a lot to say. Converting our report to ESEF was extremely simple, which made our publishing process almost completely identical to any other year.”
On March 29, 2021, WDP published their annual financial report. This made them the third company to publish in ESEF in Belgium.