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Validation and Data Quality at the Forefront of Listed Companies’ Concerns for ESEF Reporting

Validation and Data Quality at the Forefront of Listed Companies' Concerns for ESEF Reporting

UBPartner, one of the real experts in XBRL systems and a leading provider of XBRL technology and tools, announced  the availability of the latest version of its XBRL Processing Engine (XPE 2020-1). This follows the successful completion of extensive testing of XPE’s compliance with the European Single Electronic Format (ESEF) Filing Rules manual and review against the latest version of the ESEF Conformance Suite.

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Listed companies, financial application providers and financial consultants will be able to use the software to ensure that the ESEF reports that they generate are 100% compliant with the required standards, whilst also ensuring that the financial data provided is accurate and consistent.

“The new ESEF reporting framework goes live at the beginning of 2021 for most European listed companies. The technical standards published by the European Securities and Markets Authority (ESMA) require that a company’s annual report be published in inline XBRL, often called iXBRL. This new format combines a standard xHTML document that can be read using any browser with XBRL ‘tags’ that enable computer systems to extract and analyse the financial data. This, plus the need to tailor the IFRS XBRL taxonomy to their own reporting needs, will significantly increase the demands placed upon listed companies, their accounting advisors, and auditors to ensure that the financial data provided is correct,” observed Roger Haddad, UBPartner, President and chairperson of the XBRL Europe Best Practices Task Force.

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“As discovered in earlier, similar XBRL reporting frameworks, such as the US SEC, it is critical that quality is built into the system at the beginning and not retrofitted afterward. Poor quality submissions can cause reputational damage to the issuing firms and raise alarms in the wider investor community. UBPartner has therefore centered its software development efforts on validation and tools that allow companies to embed quality checks into each step of the reporting process.”

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