Applicable standard

Do you know that companies listed on capital markets in the EU and preparing consolidated financial statements by IAS will be required to report in the XBRL format as early as 2020?

Directive 2004/109 / EC (Transparency) in art. 4 sec. 7 required the European Securities and Markets Authority (ESMA) to develop draft regulatory standards to define an electronic reporting format. On May 29, 2019, Regulation No 2019/815 of December 17, 2018, supplementing Directive 2004/109 / EC of the European Parliament and the Council for regulatory technical standards, regarding the specification of a single electronic reporting format, was published in the Official Journal of the European Union.

SEE THE CONTENT OF THE EU REGULATION

Explore our reporting tools

For companies obliged to report in ESEF, we offer tools, available in the public cloud as well as in the on-premise model, for the team preparation of consolidated annual financial statements. By filling in user-defined templates of MS Excel spreadsheets or MS Word files (in versions 2007 and higher), allow teams, via a web browser, to collaborate on the entire financial statement or its individual parts.

This process can be repeated many times using, for example, templates for marking items in statements from previous years, agreeing on the content of the report in the team at every stage of its creation or presenting the final result to auditors in a form that allows verification of marked items without the need for dedicated tools.

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Explore our reporting tools

For companies obliged to report in ESEF, we offer tools, available in the public cloud as well as in the on-premise model, for the team preparation of consolidated annual financial statements. By filling in user-defined templates of MS Excel spreadsheets or MS Word files (in versions 2007 and higher), allow teams, via a web browser, to collaborate on the entire financial statement or its individual parts.

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Benefits

The offered set of tools enables:

• import/export to MS Word files
• Tagging of reporting items with XBRL taxonomy tags
• use of the XBRL markers recommended by the tool for individual items and contexts, based on automatic analysis of the report content and Machine Learning algorithms
• Extension of the ESMA taxonomy to include user concepts
• anchored in the IFRS taxonomy
• validation of marking in terms of compliance with XBRL standards and ESMA guidelines (filling rules)
• generating validation results reports
• Generating a package containing reports in iXBRL format and ESMA extended taxonomy files.

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We offer a tool and support for clients to generate e-reports in logical structures compliant with the Accounting Act (UoR).
The proposed tool is a COTS (Commercial off-the-shelf) desktop application. Due to the form of the application, its installation and operation is simple. The main components and how the tool works are shown below.
Due to the lack of application and database servers, the tools do not concern advanced HA issues or significantly sophisticated infrastructure requirements.

The application runs under Windows 10 on a typical office computer equipped with MS-Excel 2010+.

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We have references from the Ministry of Finance related to support in business and IT changes, in particular the development of XSD schemes of financial statements.

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