Learn more about the options available to prepare annual financial reports in ESEF, the format mandated by ESMA. Need ESEF reporting services? Try us

How to covert to iXBRL for ESEF report filing with ESMA?

Options for converting annual financial statements to XHTML/iXBRL format

What documents are required for submitting annual financial reports in ESEF format?

Listed companies now have to fine balance the art of preparing their annual reports to effectively communicate important performance information to all stakeholders while at the same time complying with the new regulation requirements. As it always happens, there is no one-size-fits-all answer and each listed corporate need to look internally the resources available and decide their best option

The online ESEF pack filed through the OAM will need to consist of the following attachments:

• Annual Financial Report in xHTML;
• Statutory financial statements of the legal entity in iXBRL (using right taxonomy);

What are the resources required for submitting ESEF Report to ESMA?

Filers have to deal with the following steps when preparing iXBRL accounts and filing company tax returns online (CT600) with HMRC :

• Creating, converting and tagging financial statements in iXBRL
• Converting annual report into XHTML format ;
• Producing reports in formats as suitable for stakeholders (like pdf format)and regulators (ESEF format)
• Accessing the OAM gateway to file online (e-filing);

What are the options available preparing iXBRL and XHTML documents?

Companies have multiple options to consider when it comes to preparing their ESEF reports. The best option will depend on the resources available in house.

• If you are already using a third party software then consider the possibility that the software vendor may have already have incorporated the feature that allows you to export data into inline XBRL. These software may include accounting software, enterprise resource planning software, or disclosure management software.
• If you prefer to fully integrate XBRL reporting into your existing systems and processes then you may want to consider the expertise of software service providers.
• If you have in-house expertise then you can install a customized software package which incorporates the appropriate taxonomy and allows tagging of data elements against the taxonomy.
• If you prefer an expert’s help then you could consider outsourcing ESEF report production altogether to experts like FinTags. We receive your existing annual financial report in non-XBRL format (e.g. Word or PDF format) and send you ESEF package with experts-tagged iXBRL files after quality check and successful test filing with OAM.

FinTags. A compelling choice for ESEF report preparation.

Our competitive differentiators designed to benefit our customers

FinTags is a compelling choice for companies seeking to outsource their iXBRL reporting process. FinTags team have the experience of being involved in preparing XBRL reports right from the time iXBRL filing was mandated in UK by HMRC in 2011. The team is also experienced in preparing XBRL reports for subsequent mandates in Ireland, India, Singapore, South Africa and Malaysia.

To benefit our clients, we offer meaningful differentiating features from our competitors such as

• Simple and sensible pricing: Our XBRL tagging services fees is based on actual number of pages tagged and not based on page bands. We accepts financial statements in Excel / Word or pdf formats and our iXBRL tagging services fees remains the same. Also irrespective of the applicable accounting standard, our XBRL tagging services fees is the same.
• No-questions-asked-refund policy: Our competitors assure quality, assured filing with the regulator and on time delivery. We go one step ahead - all our customer facing employees are authorized to refund money without any questions if you are not satisfied with any aspect of our service.