The European Securities and Markets Authority (ESMA) has issued a mandate for European Single Electronic Format (ESEF) reporting – this is the electronic reporting format in which issuers on EU regulated markets will need to prepare their annual financial reports from 1 January 2020, meaning that the first submissions in this new format will be required from 1st January 2021. Companies affected will need a compliance solution to meet this requirement that annual financial reports must be “iXBRL tagged”. Alui partners with CoreFiling, the creators of iXBRL, who already have a solution available, using the Seahorse® software that has been used for many years now to file statutory reports in iXBRL format to HMRC, Irish Revenue, and other statutory bodies.
ESEF introduces an addition to current iXBRL tagging, as filers are expected to provide extension taxonomies, creating their own tags that are “anchored” to parts of ESEF’s base taxonomy.
CoreFiling’s solution is the first to market, offering the anchoring functionality along with the existing ease of using the Seahorse® technology.
Alui will offer a Full Tagging Service for ESEF filings (as we do now for statutory accounts) or we can support you to carry out your own tagging in the Seahorse® solution.