European Single Electronic Format - ESEF

Annual financial reports from issuers of the securities traded in the European financial markets must be published in the European Single Electronic Format – ESEF – for financial years beginning on January 1, 2020. In the future, IFRS consolidated financial statements must be published in the form of “Inline XBRL® data” – a “hybrid type” document, on the one hand like a website “readable for human eyes” (xHTML), supplemented by selected machine-readable XBRL®structural information.

The entire process chain is affected by the digital transformation, starting with the preparation of the consolidated financial statements by the issuer, auditing by auditors, preparation of the financial statements by external agencies, publication or disclosure, to use by service providers or ultimately investment professionals and investors.

anuboXBRL offers the following services:
    • Support with strategic issues of the issuer:
      • Alternatives for future financial data communication to investors, investment professionals and others
      • Alternatives for future closing processes, IT landscape, data management, interdisciplinary responsibility and know-how
      • Development of a vision, intermediate goals and implementation roadmap
      • Development of detailed technical concepts in joint workshops
      • Identification of risks in detail
    • Support in setting up associated control processes for internal auditing
    • Operational preparation of the financial statements in ESEF format
      • Support in labeling with XBRL structural information from the IFRS taxonomy (“mapping”): consolidated balance sheet, consolidated statement of comprehensive income, consolidated statement of changes in equity, consolidated cash flow statement, notes (from 2022 as a “block”, or voluntarily earlier or more detailed)
      • Creation of the company-specific taxonomy extension
      • Generation of the InlineXBRL data:
        • integrated into the existing annual financial statement preparation process,
          with open source software / commercial software, support with conception, if necessary software adaptation or software development
        • Alternatively: software selection of bold-on solutions
    • Quality assurance of the created ESEF data: instance and company-specific taxonomy extension, compliance with the ESMA Regulatory Technical Standards (RTS) in terms of technology and content, etc.
    • Support with strategic questions of the agency:
      • Scenarios of future financial data communication: European Central Access Point, the issuer’s corporate website, XBRL search engines, voice assistants for querying capital market information from listed companies, innovations such as the multiple use of the xHTML layout in various communication channels, etc.
      • Revision of your own USP definition and services: What is technically possible? – What’s not up yet? – What’s not up yet?
      • Alternatives to future agency services, integrated into the issuer’s closing processes
      • Development of a vision, intermediate goals and implementation roadmap
      • joint development of a rough concept, detailed technical concept in joint workshops
    • Operational preparation of the financial statements in ESEF format or adaptation of the agency processes:
      • Generation of the InlineXBRL data with, in addition to the visual component xHMTL,
      • now also the machine-readable component, the XBRL structure information,
      • integrated – in different scenarios – of the annual financial statement preparation processes of your issuers
      • with open source software / commercial software, support with conception, software adaptation or software development if necessary
    • technical support in your software development for the creation of ESEF data
    • Development of a detailed technical concept in joint workshops
    • Open source XBRL software
    • Quality assurance of your software:
      • generated instances,
      • company-specific taxonomy extensions,
      • Compliance with the ESMA Regulatory Technical Standards (RTS), etc.
      • ESEF Conformance Suite 2020 test cases
      • Adherence to further technical “best practices”
    • as part of your ESEF project at the issuer
      • Collaboration, possibly only in the background
      • Second level support for technical questions as part of your consulting assignment
    • Training of your employees
    • within the scope of your mandate to audit, “review”, or similar of the ESEF data:
      • Support of your audit procedures for mapping
      • to generated instance and
      • company-specific taxonomy extension.
      • Compliance with the ESMA Regulatory Technical Standards (RTS) in technical and
        content-related view, among others
      • Adherence to further technical “best practices”
    • Support with strategic questions:
      • Extent of the actual usability and the (current) unusability of the ESEF data.
      • Differences to the “Interactive Data” / XBRL project of the U.S. Securities and Exchange Commission (US SEC) as of 2009:
        • “Leasons Learned” versus “Leasons Not Learned” and the resulting
        • Consequences – on the one hand – for better automated usability and, on the other hand, the non-usability of ESEF data compared to the US-SEC project
        • e.g. from failed XBRL validations at OAMs (Official Appointed Mechanism) in the EU (see: Statement of the Commission for Enterprise Analysis of DVFA e.V.), (Non-) Enforcement of Filing Rules, Taxonomy extensions / anchoring.
      • new or expanded business models for investment professionals and service providers – sell and buy side,
      • especially in connection with “small & mid-cap companies” in the EU.
    • Integration in processes for automation on the buy-side and with data service providers
      • Selection of software, technical concept, if necessary: open source software and / or support with software development
      • Automated validation of ESEF data
      • Automated and manual processes within the framework of fundamental research, assessment of the company-specific quality of ESEF data

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"The desired economic effects will only materialize insofar as the digital transformation actually reaches data users, investment professionals and investors."