The European Securities and Markets Authority 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.
It is actually very simple to report in xHTML to ESMA. The challenge has always been to make the link between the individual posts in the document (could be financial statement elements) and the XBRL language identification. ParsePort identified this challenge 8 years ago and thanks to a consistent software development, ParsePort developed a simple intelligent system, which enables you to convert your files directly into XBRL.
That is what we call “XBRL Made Simple”.
The solutions is simple – today there is two main functions
in the production of the annual report for your company:
Deliver both to ParsePort and we help you convert to an iXBRL file
ParsePort made XBRL simple by giving the finance and the marketing department a collaborated workspace. In this workspace, the finance department simply upload the files (typically in Excel) that contains the financial statements.
Instantly the Excel file will be converted into iXBRL and validated against the ESEF rules, to ensure that the dataset is correct and compliant.
Meanwhile the marketing department can upload the visual part of the annual report in HTML or PDF format. The two input will be merged – and the output will be the the iXBRL file, which then can be delivered to the local supervisory.
The collaborated workspace allows the departments involved in the production process of the annual report, to edit, upload and export the report until the last minutes prior to publishing.
Other roles such as the auditor, compliance department etc. can be invited to join the collaborated workspace with individual user rights (read, write, edit rights).
In March 2019 founding partner of ParsePort, Michael Krog did a live demo of the iXBRL Converter at the Danish Chamber of Commerce.
On the stage, Michael did a live conversion from Excel and HTML into xHTML, showcasing how easy the production of the xHTML files can be. Assuring the crowd, including the big 4, ESMA, The Danish DBA and The Danish FSA that the technical part of ESEF not will become a showstopper.
Subject to the completion of the legislative process by the European co-legislators, the ESEF will enter into force on the twentieth day following that of its Publication in the Official Journal of the European Union and will apply to AFRs containing consolidated financial statements for financial years beginning on or after 1 January 2020.