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Supporting ESMA’s European
Single Electronic Format (ESEF)

Enhance your annual reporting and quickly produce 100% compliant
ESEF documents

The ESEF Challenge

As a listed company, you want to be able to show shareholders, investors and staff the best of what the organisation is. The annual financial report plays an important role in this. In the future, the new European Single Electronic Filing (ESEF) rules mean that your annual report will be required to be produced in the inline XBRL format and must be accompanied by an XBRL extension taxonomy.

The new format presents a number of challenges and you must decide what parts of the old document (PDF) processes you keep and what you will have to change.

XBRL Workflow
The XBRL Reporting Workflow

The Inline XBRL format presents both a technical issue to tag the required data and to generate the required XBRL extension taxonomy. This will require an early investment in building your XBRL model. These tags will become increasingly important as this data can be extracted from the document and interrogated in detail and included in investment models, so the focus should be on getting this 100% correct.

The second challenge is that inline XBRL is based upon HTML, the language of the web. HTML has a very different structure and is much more dynamic than standard document formats like PDF, which is often used for Annual Reports.

Think Digital for the Future

So moving forward, listed companies need to consider that shareholders and the investment community will expect to read their Annual Report more like a website than a document, page by page, and potentially extract the tagged data into other formats which the company will have no control over. Many advanced thinking firms have already recognised this and understand that it means adopting a very different approach to their existing one, i.e. they have decided to ‘Think Digital’ first.

Most ESEF Vendors’ Approach

  • Often starts with the final layout and content laid out in
    final form
  • Tagging on Unstructured document
  • Taxonomy and extensions built-in real- time
  • Validation at end of process

PRONE TO ERROR

UBPartner’s Think Digital Approach

  • We start with the information the company wants to publish and the report model behind it
  • Tagging in a structured environment makes it easier
  • Taxonomy built and tested before document creation
  • Validation at all stages in the process

100% ERROR FREE ESEF REPORT

Based on our extensive experience with XBRL reporting systems, UBPartner has built a flexible set of XBRL tools to meet the very different needs of the various users that get involved in the production of an Annual Report.
These can be implemented standalone or as part of an integrated suite, and from the taxonomy generation to ensuring conformance to the full ESEF Filing Rules, UBPartner's XT ESEF solution includes quality checks and validates the outputs.

Range of Tools, One integrated suite

The UBPartner XBRL Toolkit (XT) for ESEF is organised around the major reporting steps.

Each of the components is built to support the different Users – accountants, design and media specialists, internal and external auditors.

The individual tools can be integrated into an existing workflow, or alternatively accessed as a suite via a web portal interface.

Report Model First Approach

Our approach starts with the Report Model and producing the company's extension taxonomy.

This allows it to be tested early in the Annual Report production cycle, so you can prepare and test it in advance.

Fixing the model at the end of the process (i.e. when a PDF has been produced) might leads to a poor ESEF report and numerous hours of tracking errors.

Validation, Validation, Validation

Validation services are available at each stage of the process to check that the report is correct before moving on to the next step.

The tools providing both summary and detailed reports to ensure that the process can be monitored and effectively managed.

This ensures that the final report is fully in compliance with the ESEF Conformance suite.

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