PHILIPS ANNUAL REPORT 2018
On February 26th 2019, Koninklijke Philips N.V. published its annual report 2018 using our Taxxor CMS. All from one single source of truth, we have generated their website, PDF, print PDF as well as the Inline XBRL 20-F document that was filed with the SEC.
Since 2013, US-listed companies must file their annual reports in a digital format (XBRL) with the regulator, the US Securities & Exchange Commission (SEC). At first, the rule only applied to companies reporting under US GAAP. However, in 2017 the SEC announced that companies reporting under IFRS should also start filing in XBRL.
After evaluating the available software solutions, Philips chose to use Taxxor CMS. In 2018, Philips was the first company to file an IFRS Inline XBRL filing with the SEC, and filed again in 2019.
Taxxor provides a Content Management Solution (CMS) which enables financial reporting departments to :
- Assign document sections to co-workers, and simultaneously work in different sections of a (financial) report, based on assignable access rights
- Edit report sections in a visual editor (What You See Is What You Get)
- Retrieve and synchronize data from different sources, such as spreadsheets and ERP systems
- Select and refresh data based on identifiers and mappings to data sources
- Validate output, based on technical and semantical rules sets
- Apply styling and corporate identity easily;Generate different output versions (“channels”) of the same report, such as PDF, website, XBRL, Inline XBRL, etc.
The implementation of Taxxor allowed Philips to re-design the reporting process, lower costs, and reduce bottlenecks in the filing process.
"Taxxor delivers a ‘full package’ solution, which simplifies the Annual Report and form 20-F report development, filing and XBRL tagging process. Additionally, it supports real-time output ready digital reporting. The Taxxor team is highly skilled, innovative and forward-thinking, with a great customer-focused mindset. Personally, I’m very pleased with the Taxxor content management tool, which has allowed us to streamline the year-end financial reporting process, with new functionalities improving the user experience during content creation and review."
Delwin G Witthöft
Group Chief Accountant
What we delivered
Since the Q3 2018 results, the complete Philips Resultshub website is powered by Taxxor. All content is managed within our CMS and automatically published to the website server. You can find the English website here and the Mandarin version here.
The results are also published as a PDF file and as a book that can be requested by Philips' stakeholders. Also the PDF is rendered in 2 languages, which is very easy with our multi-lingual solution. Click on the image on the right to view the complete PDF.
20-F inline XBRL
For filing with the SEC, Philips has to create a form 20-F in XBRL format. We have created a solution in which they can easily manage all tagging of numbers, and automatically generate an inline XBRL filing package that can be submitted to the SEC.