How we can help with ESMA ESEF preparations
The world is being faced with one of the greatest challenges ever. The Corona virus has resulted in economies coming to a virtual standstill. This has resulted in high volatility on the stock markets where unfortunately, most companies lost value for their shareholders.
We believe that therefore the communication to the shareholders of your company quarterly and annual results 2020 is being even more closely scrutinized, not only by the shareholder but also by the AFM, external auditors, investors and analysts.
In addition, The European Securities Markets and Authority (ESMA) requires all issuers to prepare their IFRS annual reports in the Inline XBRL (iXBRL) format from 1st of January 2020. Inline XBRL is XBRL embedded in HTML, which means PDF reports are no longer accepted as formal annual reports.
We understood from a conference hosted by XBRL Netherlands and sponsored by the NBA and AFM that 42% of the issuers have not initiated a transition project yet; 40% have initiated a project and are currently evaluating their solution towards the functional and technical requirements set by the ESMA through their taxonomy.
AFM indicated in the same conference that they are ready to receive the first test runs in Q4 from the issuers. With Q1 nearly finished this de facto means that you have only Q2 and Q3 to start up the project, to select the vendor and implement the solution or to select the vendor which can deliver the additional requirements.
We can help. Not only do we have a unique software solution meeting all the ESMA requirements for ESEF reporting and more, we also offer consultancy services. We have a diversified team with proven in-depth XBRL knowledge and business analytical skills, with experts who have been active in the annual reporting processes for a long period. Next to this we offer project and change-management consultancy based on the Waterfall or Agile methodology. We believe that the combination of unique a software solution with content driven consultancy is the key to a successful delivery.
With Royal Philips as very satisfied client and a number of clients close to signing up for our products, we welcome you to have a conference call with us in the next few weeks with the objective to give you an insight in our services. Important to know is that with our software solution, manual interventions will be reduced to a minimum and external auditor costs can be reduced with as much as 40%.
The Corona virus will disappear, IFRS Annual Financial Reporting in XBRL will stay. We can help you making the right choices from the start.