ESEF: More Than a Mere Obligation, a Chance to Get Financial Reporting Right
UBPartner, a leading XBRL software developer, and Ginini Antipode, an expert in accounting and financial reporting systems, announced that they have partnered to provide a range of services and software that helps listed companies report under the European Single Electronic Format (ESEF) framework.
ESEF reporting, which starts for real in January 2021, requires that all European listed companies publish their annual report in Inline XBRL (‘iXBRL’). iXBRL provides both human and machine-readable views in a single format. The reports will be able to be read as an xHTML document via a browser, while the XBRL ‘tags’ enable computer systems to extract and analyse the financial data. The new format, therefore, opens the possibility for investors to review and analyse the reported data in more detail and in more ways.
To help avoid any reputational damage that may arise from inaccurate and non-compliant reports, listed companies and their agents will be able to call upon the combined knowledge of Ginini Antipode and UBPartner to assist them to ensure that their annual report is 100% compliant with the required standards. Using flexible and simple software, the firms will be guided through the iXBRL reporting process to ensure that the ESEF reports that they generate are accurate and consistent. This approach is also an opportunity to think differently on the current structure of the financial statements and to benchmark with other preparers.
Ginini Antipode helping companies modernise the way they report financial information
“Ginini Antipode is well versed in IFRS and consolidation systems but we’re new to XBRL. When we first started talking to companies, we found many that still thought the report was simply a document, like the PDF they deliver today. They viewed the ESEF process as a simple, compliance exercise,” commented Lise Chorques an IFRS specialist at Ginini Antipode. “ESEF is much more than a mere obligation; it is an opportunity to adopt a more dynamic approach to the presentation of your financials and move closer to the way information will be consumed by future users of financial reports.”