XBRL stands for eXtensible Business Reporting Language and is the reporting format that financial reports should be created with. It was introduced to make reporting easier and to facilitate accessibility, analysis, and comparability of annual financial reports.
Under the European Single Electronic Format (ESEF) regulation, issuers whose securities (shares or bonds) are admitted to trading on an EU-regulated market, must comply issuers whose securities (shares or bonds) are admitted to trading on an EU regulated market, for annual financial reports for fiscal years beginning on or after 1 January 2021.
How can we help
- Impact Assessment: We can carry out an impact assessment to help you understand how XBRL will influence your business and assess whether there are appropriate processes and controls in place to comply with the new regulations
- Vendor selection: We can provide advice on identifying the solution that best fits your needs
- Implementation: We can provide support throughout the implementation process to ensure that all regulatory requirements are covered
- Quality review: We can review the appropriateness of XBRL tagging within the reports and identify any areas of improvement