ESEF reporting - why is it worth it?
Unlock your finance team's capabilities by automating the XBRL reporting process. Discover tools that will help you automate the processes related to Disclosure Management:
- Free yourself from the manual, cyclical preparation of reports in XBRL format
- Facilitate access to up-to-date, correct and consistent data, always delivered on time
- Ensure compliance with the requirements of supervisory authorities and the European Single Electronic Format
- Enable leaders and management better insight into the data
- Provide more time to analyze the numbers and look for business opportunities
- Facilitate advice on strategies to maximize revenue and profitability
ESEF reporting in XBRL format - what is it?
ESEF reporting, or the European Single Electronic Format, is a type of stock market reporting applicable to companies listed on stock exchanges. A key role in ESEF reporting is played by complete annual reports formatted as XHTML, as well as labeling of financial statements according to the adopted ESEF taxonomy. The concept of Extensible Business Reporting Language (XBRL) appears here, determining the language of management and financial reporting in accordance with the ESEF taxonomy adopted. Therefore, XBRL reporting consists in adding tags to the final report, guaranteeing full understanding of the terminology used.
What is the XBRL standard?
Management reporting made as part of the ESEF takes place as XBRL reporting. This abbreviation refers to a specific language for effective exchange of financial information. The main advantages of the XBRL reporting process should be seen in an unambiguous taxonomy, which merges every element of the final report with a published dictionary of terms. Each term is also assigned additional attributes, such as currency or duration of validity.
Explore ESEF reporting tools.