DataTracks Rainbow for ESEF Reporting
DataTracks Rainbow for ESEF Reporting
About ESEF Regulation
According to the ESEF reporting mandate issued by the regulatory authority of the EU, the ESMA (European Securities and Markets Authority), every listed company in the EU is required to prepare their annual financial reports in the new European Single Electronic Format (ESEF). As per the new mandate, all the annual financial reports are required to be prepared in XHTML format. Furthermore, if a report contains the consolidated financial statement, the XHTML documents must also include iXBRL elements, as per the ESEF taxonomy.
The Need for ESEF Reporting
Until now, eligible entities have been required to file annual financial reports in PDF format. However, the current reporting format has several frailties, as a result of which, the quality of data being submitted was merely sub-par. The primary reason behind the introduction of the ESEF reporting framework is to boost transparency in the EU and the EEA (European Economic Area)-regulated markets, enabling investors, public authorities, issuers, and other users of financial statements to carry out meticulous analysis of such information.
Challenges in ESEF Reporting
Final Review Process/Validation
The ESMA has implemented several quality checks and validation processes to iron out all the errors before submitting financial reports. Working and re-working on every single error can be a cumbersome and time-consuming process.
Complex Mapping and Tag Selection
The process of preparing iXBRL-based financial reports is tedious and comprises several tasks of mapping and tagging
Handling of negative values
Stringent rules concerned with accumulated depreciation, amortisation and impairment are in place. An error occurs every time a negative value is obtained, where a positive value was expected. Handling these negative values can be a real head-scratcher if you are not familiar with the ESEF taxonomy.
How DataTracks helps
Simplify Your Compliance Process
By leveraging the reliable and trustworthy ESEF reporting services from DataTracks, eligible entities can substantially simplify their reporting process.
Ensure Accuracy of Reports
By leveraging the expertise of trained iXBRL professionals, DataTracks has earned a name for itself within the ESEF reporting framework and iXBRL taxonomy. So, rest assured, all the annual financial reports will be accurate and highly authoritative.
Secure and efficient storage of data
All the data is stored securely in a cloud-based data centre in Frankfurt, Germany. At DataTracks, we are ISO certified for the Data Security measures we take. Furthermore, DataTracks has a dedicated privacy team that continuously monitors the performance and changes in regulations, so you don’t have to fret about data fraud or theft.
Remain Compliant with the Latest ESMA Requirements
Keeping up with the changing requirements of the ESMA can be challenging. However, the experts at DataTracks are always up-to-date with the latest updates, to ensure that your company complies with every single ESMA requirement.
About DataTracks Rainbow
DataTracks Rainbow, a renowned cloud-based compliance software certified by XBRL International, is designed to generate accurate, easy-to-create reports.
With the capability to support multiple input types, including rich-design PDFs and an embedded spreadsheet editor, Rainbow presents a single-source application platform that simplifies collaborations and content management. Leveraging AI/ML-driven tagging and a smart roll-forward feature, users can save up to 70% of time while ensuring consistency in XBRL tags.
The advanced Online Reviewer’s Guide streamlines the report-preparation process. Built with enhanced data security and a detailed audit trail, Rainbow ensures transparency and elevates user accountability. Ideal for corporate and fund reporting in XBRL/iXBRL formats across global regulatory frameworks.
Features
- XBRL reports at the click of just a few buttons
- The pre-validation gateway of the DataTracks Rainbow, certified by XBRL International, ensures that every document produced is error-free and compliant with the latest ESMA reporting requirements.
- The software accepts rich design PDF and produces iXBRL or xHTML files, whereby the same design layout is retained.
- Ensures peace of mind in regulatory reporting
iXBRL Tagging:
- Easy to update changes between the versions
- Easy roll forward from previous versions
- Garbage in Garbage out (GIGO)
- Latest Taxonomy changes
- Collaboration & Co-authoring
- Ability to generate high-style XHTML
- Handles multiple regulations easily
- Regulate data access
- Data Consistency
- Online Reviewers Guide for output files
Featured Content
What is ESEF Reporting?
ESEF stands for European Single Electronic Format. It is a new reporting format for public companies in the European Union that requires them to publish their annual financial reports in a single, electronic format. ESEF is designed to improve the transparency and comparability of financial reporting across the EU.