Added Value Services – We help you in your XBRL projects
Moving corporate reporting from the age of Gutenberg into the digital age. This is (also) what is at stake in the current trends towards more and more digital report standardisation and regulation. European regulators took it seriously in the aftermath of the 2008 crisis, and the financial industry at large has been subjected to mounting pressure from frowning authorities. Compliance filings are now a well-understood obligation. Nice XBRL-driven reports are churned out, transparency is improved, analysis facilitated, and financial statements widely made available.
All this came, and still comes, at a price, needless to say. The question is now how to take advantage of these new regulatory reporting. Why not give a try and improve your company’s data governance and editorial processes? Removing manual constraints linked to report preparation and analysis is one thing. But what about orchestrating your information more harmoniously? All too often, data for internal reporting, statutory reporting, tax reporting and prudential reporting is stored in silos, embodied in as many IT subsystems. And this prevents businesses from making informed decisions about corporate data as a whole.
Let’s not consider the demands by regulators as burden – the European Securities and Markets Authority (ESMA) sets forth the new European Single Electronic Format (ESEF) to be applied by all listed companies by 2020 – but as an opportunity to take a leap forward in digitalising the business reporting process. Not only publishing data that must, but having it at hand for internal contextual analysis. You enrich your business practice by adhering to regulatory constraints, isn’t it lovely!?
Your accounting advisers, auditors, actuaries and financial experts know the rules. We don’t. Your systems teams, software vendors, enterprise service bus and data farm architects know where your information is, or should be. We don’t. What we do know is what information the XBRL taxonomy demands to be collected and mapped into reportable data. And how to marshal data from multiple entities. We know how to create a taxonomy extension or add dimensions to facts or manage footnotes that will better specify your operational and financial reality. How to paint your annual report with your company-branding. And maybe also, we know how to help you work out what your business partners and customers publish in their own filings (financial information of more than 5,000 companies in the European Union will be available to your intelligent analysis systems if you so wish).
Therefore, we dare suggest to be associated early in your ESEF reporting process. This is a real project indeed, at the junction of business, accounting, legal and ICT domains. You need to gather experts in a cross-fertilising taskforce who will get the best of your information systems. When building consistent reports, we’ll help you make the most of actual information, and – why not? – reach a better data governance.
Examining ESEF taxonomy and what data to populate, checking consolidation rules and data source, dimensioning facts for more legibility and accuracy, possibly extending the original taxonomy and producing specific export files, all that needs to be pondered carefully. The rendering made possible by the iXBRL standard featuring both machine-readable XBRL data and browser-friendly output is a definite change of paradigm. Your actual annual report will be automated all the way through.
The nice thing with Acsone’s approach is that on top of sharing your project culture we also supply a powerful open XBRL engine that will take care of ALL your XBRL publishing needs. AREVIO is like a robust XBRL Swiss knife perfectly suited to all taxonomies you have to comply with. Not only ESEF! Check here what it can do. Then, you imagine how easily you could make converge various data streams into AREVIO, which in turn would produce the suitable reporting items ready for submission to the various authorities in charge.
We would be delighted to work with you and together
- analyse your reporting requirements
- check what relevant data to get and wherefrom
- harmonise data granularity, units, dimensions, groupings across all reporting entities within your company
- suggest innovations in line with your digital transformation approach
- decommission any legacy reporting tool and reap the related budget for a better use
- streamline your trial-and-error process when submitting XBRL filings and save precious time
Looking forward to hearing from you soon!