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Frankfurt, . 5 STRATEGIES TO ADOPT FOR A SMOOTH ESEF iXBRL COMPLIANCE 17 June 2019 ANURADHA R. K PRODUCT HEAD IRIS CARBON®
Transcript of ñ ^dZ d '/ ^ dK KWd &KZ ^DKKd, ^ & ]y Z> KDW>/...
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Frankfurt, .
5 STRATEGIES TO ADOPT FOR A SMOOTH ESEF iXBRLCOMPLIANCE
17 June 2019
ANURADHA R. KPRODUCT HEAD
IRIS CARBON®
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A PRESENTATION ON A MONDAY MORNING?
LETS START WITH A DIFFERENCE
https://www.youtube.com/watch?v=inhYO97OU3I
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AGENDA
3
The ESEF mandate in brief
What is XBRL? What is iXBRL?
Who needs to comply with the ESEF mandate
5 STEPS TO ADOPT FOR SMOOTH ESEF IXBRL COMPLIANCE
Understanding the Mandate
Reviewing Options
Narrowing Your Choices
A Few Things to Watch Out For
Planning your Calendar
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ESEF: THE NEED FOR STRUCTURED DATA REPORTING
Needs an army of people!Time taken to go through
874 500 reports ?
Number of listed entities5 300
Average size of an annual report:
165 pages
Number of pages EU regulators has to go through in 1 year
874 500!
XBRL is machine readable, data can be processed, verified and analysed by machines quickly!
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STEP 1:UNDERSTANDING THE MANDATE
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THE ESEF MANDATEThe European Securities and Markets Authority (ESMA), has mandated digital financial reporting in inline eXtensible Business Reporting Language (iXBRL)
THE CHANGE
Companies were earlier submitting Annual Financial Reports(AFR)
iXBRLNow they will need to submit these
Annual Financial Statements in iXBRLformat
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THE MANDATE
5 300 listed entities preparing AFR using
IFRS standards
WHO IS IT FOR?Consolidated financial
statements for financial years beginning on or after
1 January 2020
• Primary Financial Statements: 2020• Block tagging of Notes: 2022• Detailed tagging of notes: Voluntary
SCOPE
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XBRL VS INLINE XBRL
XBRL is machine readable only
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XBRL VS INLINE XBRL
iXBRL is both machine readable and human readable (HTML)
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SOME COMMON QUESTIONS
Build in house capability?
Outsource to experts?
Integrate iXBRL with document?
How do I ensure quality ?
How do I pick the right solution?
Get to iXBRL after the document is complete?
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STEP 2:REVIEW OF OPTIONS
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REVIEW OF OPTIONS
Check if your existing solution provider offers iXBRL in an all in all-in-one solution
EXISTING SOLUTION PROVIDER
Support for Extensions Anchoring Formatting Company taxonomy
creation
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REVIEW OF OPTIONS
WHEN
BY WHOM
Do not have the bandwidth, resources to take iXBRL process in-house
Interest in understanding iXBRL, at least for review / to ensure quality
HOW(TOOLS)
ALONG WITH AFR PREPARATION
You want to complete iXBRL review along with AFR finalization
AFTER AFR PREPARATION
Don’t want to disturb existing AFS preparation and finalization process
IN-HOUSE TEAM
Willingness (and bandwidth) to learn and undertake the iXBRLprocess in-house
Have accounting/finance and IFRS expertise
OUTSIDE EXPERTS BLENDED
Have accounting / finance experts
Software specifically designed only for iXBRLcreation purposes.
SaaS product with ability to collaboratively create and manage AFR + iXBRL creation and review.
EMBEDDED SOLUTIONS(ACCOUNTING PACKAGE)
Accounting software already has iXBRL creation capability.
SPECIALIZED XBRL SOFTWARES
DISCLOSURE MANAGEMENT SOFTWARES ANY
SOFTWARE
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TREND ACROSS THE WORLD
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STEP 3:NARROWING YOUR CHOICES
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QS THAT CAN HELP YOU AS YOU MAKE YOUR CHOICE
Are you able / willing to invest time and resources in building iXBRL capabilities/ the mandate?
Does your in-house accounting systems/ERP have the ability to generate iXBRL?
How important is visibility and control of your iXBRL for you?
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STEP 4:THINGS TO WATCH OUT FOR
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THINGS TO WATCH OUT FOR
Completeness of TaggingOn-Document Tagging VsTemplate Based Tagging
Template based tagging is not iXBRL •Based on the phase of the mandate.
•ESEF taxonomy has 4 662 elements.
•Use ESEF tags where appropriate, for
the rest, create extensions
Click: Example of On-document tagging
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THINGS TO WATCH OUT FOR
Support multiple languagesExtensions and anchoring
Ability to handle extensions and anchoring in the same
solution
Ability to view EU taxonomy with 23 language labels
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7 POINTS CHECKLIST
1 XBRL Partner Credentials
2 Customer References
4 Expert Assistance
6 Flexi models
7 Future Proof Solutions
3 iXBRL Training
5 Turn Around Time (TAT)
Remember – in the end it
is your iXBRL filing, and
you are ACCOUNTABLE!
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STEP 5:PLAN YOUR FILING CALENDAR
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22
ES
EF
iX
BR
LP
LA
NN
ING
ESEF Filing
iXBRL Review Ready
Annual Report Ready for Tagging
T-0T-90T-180
Test run using your latest
available AFR
T-210
65432
Finalize Provider & Software
T-240
PLANNING A FILING CALENDAR
Decide StrategyExplore Options
NOW !
1
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TO SUMMARIZE
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QUICK TAKEAWAYS
• Listed companies issuing shares or bonds
• Filings of annual reports after 1 Jan 2020
• Scope of tagging: Facing Statements first, block tagging of notes second, tagging of numbers in notes voluntary
Mandate Applicability
• iXBRL is not XBRL
Remember
• Don’t hesitate to explore options
Pick the best fit strategy for you
• Tagging –On-document• Completeness of Tagging• Anchoring, extensions, formatting and more
ALL IN ONE SOLUTION
A few things to watch out for / checklist
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