Navigating ESEF reporting challenges with data analytics
At the same time, it brought a bunch of challenges and risks for issuers to watch out for when it comes to the preparation of reports. Among them are the correct understanding of ESEF Taxonomy and choosing the right iXBRL tags, conducting block tagging that became mandatory in 2022, anchoring the extension or custom elements, and others.
For example, following XBRL ESEF Taxonomy, preparers use the specified tags to mark up the financial statements. Alongside the predefined set of taxonomy elements, they are also required to use their own elements in any areas where their disclosures are not covered in the XBRL taxonomy published by ESMA, hence creating company-specific taxonomy. It causes the challenge of simultaneously managing several taxonomies while preparing or auditing ESEF reports.
However, the finance and accounts team, auditors, and software providers leveled up to most of these challenges helping issuers meet the ESEF compliance mandate.
Stepping up to these challenges, BR-AG offers an analytic, web-based service – ATOME Forces, designed to streamline the preparation and auditing process of XBRL reports, as well as corresponding taxonomies, by providing insights on the ESEF reports published by the listed companies.
Combined with Power BI (Business Intelligence) capabilities, the solution enables companies preparing or auditing ESEF reports to access meaningful analytical views and conduct comparisons of ESEF filers’ common practices.
View and compare ESEF filers’ common practices wisely.
Discover the most common mistakes identified when filing in ESEF before making them on your own.
ATOME Forces encapsulates advanced analytics capabilities to help you:
- Streamline the process of preparing/tagging the financial reports in XBRL and get a view of other ESEF filers’ common practices
- Discover the information that is generally challenging to be identified when previewing the ESEF reports using generally available solutions such as web-browsers
Not sure where to start?
Speak to BR-AG tech experts to discover ways to start using intelligent analytics to uncover actionable insights from ESEF data or request a comprehensive demo of ATOME Forces.