While XBRL is a technology format, the tagging process conveys the meaning of the financial statement information. XBRL Assurance helps clients to accurately represent their data by offering a combination of financial reporting and technical know-how.
XBRL Assurance - Setting the framework for the single electronic reporting format
In 2013, the Transparency Directive, which sets rules on harmonization of transparency requirements of issuers, was amended to include a requirement for issuers in order to prepare their annual financial reports in a single electronic reporting format. The aim was to make reporting easier for issuers and to facilitate accessibility, analysis and comparability of annual financial reports.
According to the European regulatory framework, issuers must prepare full annual financial statements using the Extensible Hypertext Markup Language (XHTML) format. Issuers which prepare the consolidated financial statements need to take into consideration that reports must be marked using eXtensible Language Reporting (XBRL), in accordance with the IFRS - ESEF Taxonomy.
How can we help you?
- Impact assessment
Understanding the financials, processes, potentially controls and the company structure
- Vendor selection
Identifying the solution that fits best to the clients’ needs and advise them on the vendor selection through assessment, interviews and negotiation.
Supporting the implementation process and advising the client to capture the full scope of the requirements and implement using a best practice approach.
- Quality review
Review the appropriateness of XBRL tagging within the report and identify findings.