Regulatory rapportage voor AIFMD, CRD IV, Solvency II, MiFID II, FATCA en AnaCredit   

Press Release

DataTracks starts delivering successful pilots for ESMA ESEF Inline XBRL Reporting

07-08-2019
ESEF

DataTracks of Singapore, a global leader in providing cloud based software application for preparation of compliance reports for filing with financial regulators has started delivering successful pilots to its customers in the European Union for filing ESEF iXBRL statements with ESMA.

EU Regulator ESMA (European Securities and Markets Authority) in Paris has mandated all issuers of publicly traded securities to file annual financial statements in “European Single Electronic Format” (ESEF) for financial years that start after 1 Jan 2020. 

DataTracks’ Rainbow (the cloud based software used by more than 16,600 clients worldwide to produce reports for regulators in 24 countries including in the European Union) has recently been upgraded to meet the requirements of EU customers to produce ESEF reports in iXBRL format.hough Issuers in EU are expected to file ESEF statements from early 2021, several are testing solutions available in the market. 

DataTracks has started delivering pilot jobs to a few of its EU customers to prepare ESEF reports in the requisite iXBRL format for filing with ESMA.

 

Founder/Director T R Santhanakrishnan said: “Business enterprises in the European Union have a unique requirement.  They have been producing financial statements for investors in PDF format with rich design and image content.  They do not want to lose the ability to produce that output in the course of having to file ESEF reports in future.  Any software that addresses the needs of EU customers must have the ability to read rich design PDFs as input and convert them into iXBRL statements for ESEF.  DataTracks’ Rainbow was upgraded recently to read rich design PDFs and convert them into iXBRL statements without losing the richness in design.  Our customers do not need to incur significant retooling to meet the new ESMA requirement as their current output could be read into Rainbow and used to produce iXBRL statements without any compromise on the design, layout, and image content of the financial statements.  This is a big breakthrough for us at DataTracks”.

Pramodh Vittal, Member of Executive Board responsible for R&D said: “We are glad the solution path we chose causes minimal change to processes within our customer enterprises.  All that you need to do is produce your financial statements with high quality design, layout, and graphics for print and web media.  And route that output to our software to produce iXBRL statements preserving the quality of the design, layout and graphics without any compromise.  Tip of the hat to our technology team for this upgrade to Rainbow 3.0”.

 

Sriram Srinivasan, Member of Executive Board responsible for Sales in EU region said: “Our emphasis is on making compliance easy and inexpensive for our customers.  The pilots demonstrate our capability to address this unique need of our EU customers.  DataTracks already counts over 10,500 clients in the European Union.  We hope this initiative will add to that number significantly”.

A happy UK customer, Robert Williams, Founder of Friend Studio Ltd, says: “Preliminary tests of DataTracks’ Rainbow solution have been encouraging. Using a PDF as the source file, they can generate a tagged XHTML (iXBRL) output retaining all of the design elements of the annual report. It’s impressive that DataTracks has achieved this and we are excited to explore the solution further to help meet our clients’ reporting needs."



About DataTracks

DataTracks, Singapore is a global leader in disclosure management software.  DataTracks serves more than 16,600 business enterprises in 24 countries.  DataTracks software and services have been used to prepare more than 166,000 compliance reports so far for filing with regulators such as SEC in United States, ESMA, EBA and EIOPA in European Union, HMRC in United Kingdom, ACRA in Singapore, SSM in Malaysia, CIPC in South Africa and MCA in India.

 

For more information:  www.datatracks.eu

For business enquiries: enquiry@datatracks.eu  or  +31 20 225 3702

Media contact:               T R Santhanakrishnan, Founder/Director  ceo@datatracks.com




Specialists in XBRL and regulatory reports

DataTracks prepares more than 14,000 XBRL statements annually for filing with regulators such as SEC in the United States, HMRC in the United Kingdom, Revenue in Ireland, Eurofiling compliance reports in Europe, ACRA in Singapore and MCA in India. Honed by our experience of preparing more than 180,000 compliance reports, our solutions and services are designed to assure quality, reliability and ease of use.

180,000+

compliance reports

17,500+

Clients

12

Regulations

15+

years experience






Blog

CRD IV – Automation of COREP and FINREP Reports

03/27/2020 ||By: Pooja Parikshit

Rapid Implementation of COREP & FINREP Most European firms are well on their way to implement the new common regulatory reporting (COREP) obligations and close to having to start financial reporting (FINREP). Back in 2006, the Committee of Banking Supervision (CEBS) entrenched a common reporting framework guideline intending to increase the comparability of financial information […]


Blog

From Rich Design PDF to Rich Design XHTML

02/21/2020 ||By: Pooja Parikshit

  DataTracks participated in the 24th XBRL Europe Day held at the Chamber of Commerce in Milan, Italy. The event had more than 200 attendees, including some of the leading names in the academic world, industry experts, regulators, audit firms, design firms, and Issuers. The focus of the event was to discuss recent trends in […]


Blog

ESMA updates on ESEF XBRL taxonomy- facilitating the implementation of the ESEF regulation

01/28/2020 ||By: Pooja Parikshit

In December 2019, the European Securities and Markets Authority (ESMA) introduced a new version of the European Single Electronic Format (ESEF) taxonomy to facilitate stipulated reporting of the annual financial reports. The mandate issued by ESMA states that from January 1st, 2020, onwards, all public companies in the European Union (EU) need to prepare their […]