EPRA Gold Award-Winner Leasinvest Will Continue to Deliver Reporting Excellence
What will change with ESEF? That was the question from the very beginning, and for good reason. The process of creating annual reports has always been complicated, with finance and marketing teams working together. And adding ESEF conversion to the workflow is bound to present some challenges. Even though it is a complicated process, some companies have always stood out, delivering reporting excellence year after year. And they don’t plan to let the ESEF mandate hinder that. One of those companies is eight time EPRA Gold Award-Winner Leasinvest Real Estate SCA.
Leasinvest is a regulated real estate company investing in shops and offices in the Grand Duchy of Luxembourg, Belgium, and Austria. For the past eight years, they have been setting the gold standard, when it comes to financial reporting in the field of real estate and with the help from ParsePort they will be able to do so after ESEF becomes mandatory as well.
After we made sure their implementation of the ParsePort XBRL product went smoothly, we sat down with Magalie Geerden, Consolidation and Reporting Manager of Leasinvest to have a chat about ESEF and financial reporting.
Closing in on a Decade of EPRA Gold Awards for Financial Reporting
“Our 2019 annual report was the eighth in a row to be granted the EPRA Gold Award for Annual Financial Reporting, so naturally, we were quite anxious about what ESEF would mean for the quality of our reports. We would like to make it to 10 consecutive EPRA Gold Awards.” Magalie Geerden says with a smile.
EPRA is the European Public Real Estate Association, and for the past 20 years the association has been recognizing accounting and reporting methodologies for the public real estate sector in Europe.
“We know that ESEF will heighten the reporting quality in the long run, but we would also need to implement the new format into our workflow and getting used to the new process could end up taking a lot of time, so we were on the lookout for a simple solution, which would still allow us to achieve reporting excellence.”
A Simple Solution Will Let Leasinvest Continue Their EPRA Gold Award-Winning Streak
Changes to the reporting process is a concern for many companies, especially because different ESEF vendors will suggest very different changes. While some will suggest creating the entire report within a dedicated report creation environment, others will supply conversion tools to allow you to continue working with the same tools you always have, but which is better?
At ParsePort we have sought to provide customers with solutions which will influence their current reporting process as little as possible, and this is also what we’ve done for Leasinvest. For this reason, we assist our customers with mapping and supply them with a conversion tool, which allows them to convert their annual reports from a range different of formats to ESEF.
“We chose the ParsePort Co-Pilot solution, which will let us know exactly how our reports are mapped, but at the same time, we don’t need to switch tools, when we create our annual financial report for 2020, which will hopefully help us make it to a full decade of EPRA Gold Awards.” Magalie Geerden says, when we ask her about their chosen solution.
Leasinvest chose a Co-Pilot solution, which means they will map their file with our assistance. This way they are fully in control, but we handle all the technical aspects, making sure that everything is mapped in accordance with the ESEF taxonomy.
Their EPRA Gold Award-winning 2019 annual financial report was used to create a fully tagged Excel template. When they need to create their 2020 annual report, all they need to do is update the numbers in the template before they upload it to the ParsePort XBRL Converter along with the graphically designed PDF version of their annual report. The two files will then be converted into ESEF in a couple of minutes.
Hopefully this will let them reach a 10-year streak of EPRA Gold Awards.
Leasinvest Has Become an Ambassador for Excellent Reporting
Finishing the conversation, we asked Magalie Geerden what she thinks of the ParsePort product. “The simplicity of the tools, and the quality of the conversion, has made a huge impression on all of us here at Leasinvest. And I have actually recommended a few colleagues in other companies to take a look at ParsePort as well, simply because you make the ESEF process so smooth and simple.”