ESEF Reporting
Eni SPA Achieves 50% Time, 30% Cost Savings in ESEF iXBRL Compliance
Eni, a leading Italian multinational oil and gas supermajor, boasts a vast operational footprint spanning 68 countries. With an extensive network of 16 subsidiaries, Eni holds a significant presence in both domestic and international markets. Eni effectively used IRIS CARBON® for ESEF iXBRL tagging in their 2019 Annual Report, highlighting the solution's cost-effectiveness and efficiency for this industry leader.
Business Challenge
the Companies and Stock Exchange Commission (CONSOB), was still voluntary.
Business Challenge
There were 3 broad challenges facing them at the time:
There were 3 broad challenges facing them at the time:
Eni faced uncertainties in tackling the nascent ESEF iXBRL mandate for their Annual Financial Report (AFR) in 2020.
Choosing Compliance Routes
Selecting either a Disclosure Management solution or a standalone ESEF platform presented a notable hurdle for Eni’s reporting team. It entailed determining the most efficient compliance route and acclimating the reporting team to a different format.
Ensuring Seamless Integration
Eni needed a solution that seamlessly integrated with existing systems to avoid disruptions during the transition to ESEF reporting.
ENI’s ESEF Reporting Goals
ESMA Compliance Achievement
The primary focus was on achieving compliance with the European Securities and Markets Authority (ESMA) by successfully transforming Eni’s Annual Financial Report (AFR) into the recommended iXBRL format.
Internal Staff Training
The goal involved empowering internal staff with the requisite knowledge to grasp the intricacies of AFR production in ESEF iXBRL. This is aimed at fostering effective collaboration with the platform.
Collaborative Error-Free Package Creation
The overarching objective was to utilize the IRIS CARBON® platform in collaboration with the customer success team, ensuring the creation of an error-free ESEF iXBRL package. This collaborative effort is aimed at ensuring both compliance and accuracy in financial reporting.
Streamlined Maiden Voluntary Filing
Executed high-quality iXBRL tagging to facilitate a seamless and hassle-free maiden voluntary filing with their Officially Appointed Mechanism (OAM).
“The Iris Carbon platform exceeded our expectations by seamlessly generating output in line with our requirements while seamlessly integrating with our internal systems. This capability was a significant positive for Eni, contributing to a successful and streamlined financial reporting process.”
Roberto Nardi
Head of Consolidated Financial Statements and Reporting
The IRIS CARBON® Way
In contrast to traditional software alternatives, our offering includes
The IRIS CARBON® Way
Comprehensive ESEF Reporting
End-to-end solution for iXBRL report creation, smart tagging, review, and audit.
AI/ML-enabled Tagging
Automated tagging using artificial intelligence/machine learning for faster compliance; rollover feature for subsequent years.
Error-free Filings with Validation
XII certified Bushchat validator for real-time error spotting and issue resolution.
Cloud-based Collaboration
Centralized document work for team collaboration, enhancing visibility and control.
Integrated iXBRL Viewer
In-built viewer link for easy access, suitable for hosting on corporate websites.
Robust Data Security
SOC 1 & 2 certification ensures the security of your financial data throughout the compliance process.
24/7 Global Assistance at No Extra Charge
Access to 400+ iXBRL experts with 17 years of experience, supporting in all 23 EU languages, even outside regular EU vendor hours.
Cost-Effective and Efficient
Competitive and transparent fixed pricing with no hidden fees, while saving hours of reporting time.
“Our experience with Iris Carbon was transformative – their adept approach seamlessly converted our AFR into ESMA’s recommended ESEF iXBRL format. The collaborative effort, coupled with internal staff training, made our maiden voluntary filing smooth and error-free.”
Roberto Nardi
Head of Consolidated Financial Statements and Reporting
Results Achieved
They specifically applauded the platform's seamless integration into their existing processes, highlighting its superiority over other considered vendors. Additionally, the team commended IRIS CARBON® for its extensive knowledge of accounting best practices and ESEF iXBRL filings.
- Strategic ESEF Approach Finalized
- Empowered Teams for Seamless Filing
- Achieved 50% Time Savings in ESEF iXBRL
- Attained 30% Cost Savings
- Successful Dry Runs for 2020 Report
- Timely Accomplishment of ESEF Filing for 2021
“I wish to express my gratitude to the IRIS team for their engagement and professionalism in supporting Eni with the ESEF mandate. They were quick to understand our internal processes and align with them. This synergy between us led to a really positive filing experience.”
Roberto Nardi
Head of Consolidated Financial Statements and Reporting