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ParsePort make ESEF
XBRL
Reporting simple

At ParsePort we strive to make XBRL as simple as possible for our customers to work with. That also goes for our ESEF solution.

You have minimal workflow impact working with ParsePort, since you can keep working in your existing tools, workflows and documents if you wish. We have no demands to the systems you use.

Our solutions is cost effective, our pricing is transparent and there is no hidden costs.

Forget all about tagging – it is that easy. Because, we do the tagging for you. And when it is done. You can reuse it year after year.

We have been doing solutions like this since 2012. We have a proven track record. We are the leading XBRL experts.

ESEF iXBRL reporting

XBRL Converter for ESEF

ParsePort has made it simple to convert your annual report into xHTML and iXBRL, getting you ready to deliver your annual report to your local authority in XBRL format.

XBRL Converter is one of our most popular products, as it enables you to convert your annual report when you need to, without delays and as many times as you want to.

By using the XBRL Converter for ESEF, you will be able to keep the most of your current workflows, if you wish to. The only thing you have to prepare earlier than before is the Excel sheet, where you do the consolidation of your figures for the annual report. This is also an advantage, since you will be able to prepare your annual report instantly. With no need to wait for your marketing or communication department to be ready with the glossy PDF annual report, that you are used to produce and publish today.

The beauty of the XBRL Converter for ESEF, is that you can upload almost any file format and convert it into an iXBRL / xHTML file within minutes. This also enables you to test your financial statements before your figures is ready.

Use your existing tool, documents and workflows

How does it work then?

As the XBRL Converter for ESEF supports several formats, the process can vary a bit individually. But the most popular choice we see among issuers for ESEF is the combination of PDF and Excel. This is chosen because, the “only” thing issuers will have to change in their current workflow is the Excel file, and at the end of the day, the change is minimal.

  1. You login to our portal with your user credentials:

2. Then you upload your Excel file (containing your consolidated financial statements)
and PDF file (the final glossy PDF paper you are used to produce).

3. Your files are now converted and combined into one xHTML file, that is shown in our viewer, ready for review by you or your auditor.

4. Now the only thing left is to press download, save the file on your desktop and publish, distribute and submit the file to your local authority.

But how does this work in practice?

Once you have chosen the XBRL Converter for ESEF, the process from the beginning to the end is:

  1. Preparation: Our XBRL specialist prepare your Excel template to be iXBRL ready. Notice that this preparation only needs to be done once, the following years this is not needed.
  2. Mapping: Once your Excel template is prepared, the specialist will ensure that all accounting entries will be mapped into the XBRL dictionary (also known as taxonomy). If there is any extensions, anchoring’s or other things that needs to be done, this is done in this phase.
  3. Review: When the annual report is mapped, the specialist will send you an overview of the entries that has been mapped, and more important the entries where there is comments or questions in relation to the XBRL mapping. Then you will run through the entries, deciding how to map or extent them in relation to the XBRL taxonomy. We always encourage you to involve your auditor in this process, as your auditor will have to sign the annual report in the end.
  4. Implementation: When the review process is done, our XBRL specialist will come to your premises, and spend a half day, handing over the solution, learning you how to change, edit, add and extend account entries etc. The specialist will also educate you in using the XBRL Converter, uploading PDF and Excel files, converting them into XBRL etc. Said in another way – the specialist will not leave before you are educated and comfortable in producing xHTML/iXBRL files using the XBRL Converter on your own.
  5. Done: You are now ready and prepared to report your annual report in ESEF for 2020.
  6. Support and updates: Are included in all our products. You will always be able to call or write us, if you need any kind of assistance or just want to be sure that you are doing things right. Updates against newest definitions, taxonomies etc. are also included in our products. This way you will not meet any unpleasant surprises.

Notice that we encourage all customers to prepare their 2019 annual report for ESEF, once they are published. This way there will be no unpleasant surprises, and all stakeholders has enough time to get ready and prepare themselves for the 2020 report.

iXBRL reporting done by ParsePort

We at ParsePort of course report in XBRL and  iXBRL to the Danish authorities, who publish it on their website. You can have a look in this link, and then go to the Financial Statements area.
There you can see how an XBRL file looks like – and how our Annual report in pdf looks like. Those two files merged in our XBRL engine results in the iXBRL file. Thats how simple it is to create an iXBRL file.

XBRL for ESEF pricing

The annual price for the (PDF/Excel merge) solution for ESEF from ParsePort is 5.000* EUR + a minor startup-fee in year one.

The above includes preparation and mapping of the Excel files, delivery and everything else associated to delivery of the files. 

The annual fee cover updates, support, addition of extensions etc.

If your company need to add more reports, there is a staircase price model for the following reports.

*We reserves the right to any price changes and shall not be liable for any printing errors.

ESEF XBRL
Reporting Requirements

All Annual Financial Reports (AFRs) shall be prepared in the format xHTML, which is human readable and can be opened with any standard web browsers

From 2022 notes of financial statements have to be tagged in iXBRL as well.

The consolidated financial statements needs to be embedded in the xHTML file, in the format iXBRL

The financial information is structured by following rules and orders from a dictionary better known as a taxonomy

When producing an xHTML file for submission, the primary financial statements (income statement, balance sheet, statement of cash flows and statement of changes in equity) shall be marked up in against the dictionary (taxonomy)

The detailed provisions of the ESEF are contained in the RTS on ESEF included in the Final Report on the RTS on ESEF

What is ESEF

The European Securities and Markets Authority (ESMA) has published the European Single Electronic Format also known as ESEF.

ESEF is the electronic reporting format in which issuers on EU regulated markets shall prepare their annual financial reports from 1 January 2020. 
This is all a part of the European Transparency Directive, which is a requirement for listed companies under EU rules.
The purpose of the Transparency Directive is to ensure transparency for the investors.