Anything unknown or anything that we don’t understand fully/well is often the source of our fears. As the year goes by, one of your biggest worries may come from the fact that the ESMA/ESEF Mandate commences from January 2020. The idea of having to file your Annual Financial Reports (AFR) in iXBRL itself might be daunting, but it doesn’t have to be. If you understand something, you are no longer scared or worried about it. We can help you with your ESEF Compliance with IRIS CARBON® as we not only understand the whole process but also implement it.
We at IRIS CARBON® understand your dread as this is a new mandate that is scheduled to commence and one might not be aware of the direction to head or how to go about filing.
So, how do you keep up with the ESMA/ESEF Mandate? Get the easiest scoop here.
Table of Contents hideThis ESEF Compliance will impact all public companies that need to follow the Transparency Directive.
What is the mandate about and why is it so important?
The European Single Electronic Format, or ESEF, is a new rule mandating all issuers to use a single electronic reporting format to prepare their Annual Financial Reports (AFRs).
This mandate will impact all public companies that need to follow the Transparency Directive. These companies will need to file their AFR in the iXBRL for financial years beginning on or after 1 January 2020.
Approximately 5,300 EU companies will be required to file their AFRs in iXBRL format. According to the directive, each EU member state must provide an Officially Appointed Mechanism (OAM) that will be responsible for the storage and dissemination of regulated data. Therefore, additional requirements may be required on a national level.
For the first two years, as per ESEF compliance will be in effect (that is, until 2022), only the primary financial statements must be marked up with XBRL tags. From 2022 onwards, the notes will need to be block-tagged and detailed tagging of notes is voluntary at this point in time.
In order to stay in compliance with the ESEF requirements, organizations ideally choose a compliance solution that helps them with a smooth and efficient process to prepare AFR and iXBRL documents that need to be filed with the OAMs. The benefits are multi-fold; here we take a closer look at how you can make iXBRL work for your ESEF compliance with IRIS CARBON®: –
IRIS CARBON® – ESEF Compliance Reporting Made Smarter
Q is for Quality
IRIS CARBON® has successfully completed the ESEF Field Test held in August 2017. The platform is also ranked by several independent evaluators for having 100% error-free XBRL Quality. With IRIS CARBON®, you get a product that’s tried and tested globally.
Smooth Collaboration across teams
Do your financial reports require collaboration across various teams and stakeholders? Our platform sets a new standard in cloud collaboration and performance where multiple teams can work on the same platform without worrying about losing track and accountability.
Flexibility
IRIS CARBON® offers its users the utmost flexibility. You may use various flexible models of our solution based on your organization’s requirements. If you want to take the process in-house, we assist you with all you need. You can also opt for a blended approach where you can license our product for either and/ preparation of annual reports, iXBRL preparation, review, or a combination of these.
Multilingual
IRIS CARBON® goes one step ahead to personalize its product to support multiple European languages for you to file to the OAM with ease.
Product support and Extensive Customer Service
We offer a flat annual fee including unlimited support on your filings. This is irrespective of the number of pages in filing and the extent of support.
Owing to its acclaimed quality standard, IRIS CARBON® is committed to ensuring that your filing as per ESEF compliance meets the highest quality standards too. The platform combines expert services from IRIS’s globally acclaimed team that works on a real-time basis to provide unlimited assistance to clients.
