iXBRL for
reporting to ESMA

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

WHAT IS 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.

The ESEF requires that:
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All Annual Financial Statements (AFRs) shall be prepared in the format xHTML, which is human readable and can be opened with any standard web browsers
This counts for AFRs that contains IFRS consolidated financial statements
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

XBRL wheelXBRL wheelXBRL wheelXBRL wheelXBRL wheelXBRL wheel

Step 1 Step 2 Step 3 Step 4 XBRL engine

Please select a step
in our ESMA wheel!

XBRL is not that hard. We offer a cloud-based, simple, fast and highly price competitive XBRL engine that can be explained in 4 simple steps:

Step 1
Extracting data from your report
Step 2
Converting data to an XBRLfile
Step 3
Validating an XBRL file
Step 4
Visualizing an XBRL file – making it readable again

…All with our turbocharged XBRL engine in the center.

Please click on a step and choose your step of interest – or click the center to learn more about how advanced users communicate directly with our engine through our XBRL API!

HOW DO I REPORT ESEF?

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:

  1. The CFO and/or the accounting department who ensures the figures and content herein is in place to produce the annual report.
  2. The Marketing departments or similar who ensures the visual look and content of the annual report is produced.
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IT’S SIMPLE

ParsePort has made XBRL simple by giving the CFO and the marketing department a collaborated workspace. In this workspace, the CFO simply upload the files (typically in Excel) that contains the financial statements into the collaborated workspace.

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 by uploading the annual report in a HTML format, which then will merge together with the iXBRL file, making the final xHTML 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 up until the last minutes prior to publishing the report.

Furthermore 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.

WHEN WILL THE ESEF COME INTO FORCE?

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.

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ParsePort ApS

We are an XBRL services company helping national authorities, clients and auditors comply with EU and local legislation. Our services include GaaP (IFRS, Annual and Tax reporting) EBA (Corep/Finrep/CRD IV)  EIOPA (Solvency II) and ESMA (ESEF). We service clients worldwide.

ParsePort

We are an XBRL services company helping national authorities, clients and auditors comply with EU and local legislation. Our services include GaaP (IFRS, Annual and Tax reporting) EBA (Corep/Finrep/CRD IV)  EIOPA (Solvency II) and ESMA (ESEF). We service clients worldwide.

Subscribe

To get our monthly newsletter with updates on taxonomy, XBRL adoption in EU, events and ParsePort XBRL products and services.

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