On October 16, 20109, the German professional association of investment professionals (DVFA e.V.) commented on
We help investment professionals to take advantage of the new possibilities and opportunities by providing strategic advice, taking on the technical implementation or accompanying their software developers.
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. 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.
As early as 2009, we have experience with the introduction of XBRL at the U.S. Securities and Exchange Commission collected. We are currently participating in various working groups of the XBRL technology associations in order not only to further develop the US SEC project, but also to promote the implementation of the ESEF project in the European Union. We know the difficulties in detail. But also the new possibilities!
The desired economic effects will only materialize if the digital transformation actually reaches data users, investment professionals and investors.