Do you want to spend hours and hours in a complex system making sure your ESEF reporting is compliant? Of course not.
For the past 8 years we have made XBRL simple for Danish and European companies and now we’re turning our focus to ESEF reporting.
Our ESEF product has a minimal impact on your workflow, a proven track record and functions on a secure environment.
ESEF Reporting is reporting carried out in the European Single Electronic Format.
ESEF is the reporting format which public listed companies on EU regulated markets are required to use when filing their annual financial reports.
The format has been mandated by the European Securities and Markets Authority (ESMA) as part of the Transparency Directive. This means that issuers are required to produce their annual financial report in a way that makes it both human- and machine-readable. You can learn more about the specific ESEF requirements here.
Contrary to what many people believe, an ESEF report is not one single file. An annual financial report in ESEF contains the xHTML report along with a taxonomy package specifying the technical information on the mathematical relationships and extensions. Because of this, an ESEF report is delivered as a .zip package rather than a single file.
When you receive your converted annual financial report from us, we also include an HTML version of your report within the ESEF package. The reason we include this file, is that the file includes an ESEF viewer, which lets you view the tagged iXBRL file directly in your web browser.
When you open the HTML file, a window in the right side of your browser will allow you to alter the display options, so you can highlight entries and then use the left/right arrows on your keyboard to scroll through the XBRL tags embedded in the file.
The viewer file is not part of your ESEF compliance, and it should not be submitted to your OAM (Officially Appointed Mechanism), but it is ideal for hosting on your website. That way your visitors can access it without advanced software able to consume ESEF reports.
An ESEF report consists of two layers, a visual and a technical layer, which are combined into a single report. At ParsePort we can do this with a range of different file types. We commonly see users submit an Excel file containing the financial statement of your annual financial report combined with a PDF containing the glossy version of that same annual report.
The ParsePort XBRL Converter supports several formats. The specific files you use may vary, but the process remains the same. You need to upload a technical part and a visual part to our portal. The most popular choice we see among issuers is the combination of a PDF and an Excel sheet.
When you want to convert your files all you need to do is:
The ParsePort XBRL Converter lets you convert your annual financial report exactly when you need to, without delays, and you can do so as many times as you want.
Using our XBRL Converter for your ESEF conversion, will have very little impact on your current workflows. The only thing you have to prepare earlier than usual is the Excel sheet with the consolidation of the figures for your annual financial report.
We believe that ESEF solutions should be simple. That is why our process of getting you ready for ESEF reporting is designed to be as easy and effective as possible. It consists of just four easy steps, which are outlined below.
After you deliver your files to ParsePort, a member of the ParsePort Service Team will prepare your Excel template for conversion.
This only needs to be done once. For the following reporting periods you can use the same template with updated numbers.
Once your Excel template has been prepared the Service Team Member will ensure that all accounting entries are mapped correctly in relation to the taxonomy. If any extensions or anchorings need to be created, it is also done in this phase.
After mapping a Service Team Member will provide you with an overview of the mapped entries and provide comments and suggestions regarding the final mapping. Together you will then go over the entries and decide how to map or extend them in relation to the ESEF taxonomy. This way you will have full control over the mapping of your files even if you don’t have any prior experience with XBRL.
When the review is completed, a member of the Service Team will host a workshop, where you are taught how to change, edit, add and extend account entries. You will learn how the product functions, how to use the ParsePort XBRL Converter on your own, and finally you will receive the converted report.
That’s how simple it is. From that point on, you will be ready for filing in ESEF. Should you have a need for support it is included within the annual fee you pay to access our services and any updates to the product is included as well.
Different companies have different needs when it comes to their reporting process and handling your ESEF reporting is no different. This is why we offer three different ways to go about your ESEF reporting. That way, you can choose to let us map the entire file for you, you can take full control of the process or we can do a collaborative solution.
We map the entire file for you. You have the freedom to relax and leverage our expertise. Our pilot ensures that you reach your destination.
You can choose to map the file with our assistance This way you are still fully in control. You point the way and all technical aspects are handled by us .We make sure you reach your destination.
You can choose to map the file yourself. This way you are fully in control, but you are also fully responsible for reaching your destination.