Regulatory Reporting for AIFMD, CRD IV, Solvency II, MiFID II, FATCA/CRS, ESEF
Recent mandate from the European Securities and Markets Authority (ESMA) is the European Single Electronic Format (ESEF) that requires the listed companies in the EU to report their annual financial report in XHTML format from January 2020. Further, if the annual financial report has the consolidated financial statements prepared in IFRS, XHTML document should also include XBRL elements as per ESEF taxonomy to make it machine-readable.
Companies have been publishing their annual report in PDF format with rich design so far and they would want to maintain the same presentation layout even when they comply with ESEF in XHTML format in future. DataTracks Rainbow™ ESEF solves this key puzzle by reading the rich design PDFs and converting them into XHTML without losing the design elements. Further, DataTracks Rainbow™ eases the preparation of compliance reports by letting filers focus on data without worrying about the technical complexities of iXBRL. It’s a single-source platform that supports easy, collaborative document preparation, facilitates access control, allows quick last-minute changes, and ensures that the specific requirements of each EU member state are covered.
For companies that are listed in both the EU and the US, DataTracks Rainbow™ is a one-stop solution for reporting in iXBRL under both ESMA ESEF and SEC regulations.
With our bolt-on approach of reading rich design PDF, allowing the XBRL tagging on top, and generating the XHTML by retaining the same rich design, filers need not make significant changes to their current processes.
Create and manage XBRL with multiple tagging options for table and narrative contents and with taxonomy listed in all the EU languages. Roll forward and re-use XBRL tags from previous filings for consistency. Certified by XBRL International and XBRL US, our software assures error-free output for live submission with ESMA.
Prepare compliance reports in our cloud-based software with multiple people working simultaneously on the same document from different locations, by directly uploading, manual keying in or copy-pasting data. Highlight and insert comments on the document to carry out discussions. Track all changes to the document and accept/reject changes.
With our Autolink feature, connect and bring in the data from your ERP systems and various other data sources including offline spreadsheets ensuring comprehensive data integrity. With our Data Cloning feature, link the same data items in multiple locations in the document so that changes made in one location get reflected in all the locations.
Last minute changes can be handled quickly; changes made to the content are automatically updated in all the output files.
Create user group and define authority levels that regulate a user’s privileges on various activities in the application. Split the document into as many sections as you want and manage user access to each section.
Export outputs in multiple formats such as HTML, XHTML, PDF, Word and Excel. Additional specific requirements of each EU member state are also covered.
Our software is certified by XBRL International Organization assuring error-free XBRL/iXBRL output. Further, XBRL data is also validated against the rules framed by Data Quality Committee (DQC) of XBRL US which will be useful for companies with dual filing responsibility (ESMA and US SEC).
ESMA (European Securities and Markets Authority) is the European regulator for promoting stable and orderly financial markets in Europe. It has drafted the ESEF (European Single Electronic Format) specifications that require all issuers in Europe to present their financial statements[..]
DataTracks, a global leader in compliance and regulatory reporting, was part of a working group organised by XBRL Europe in an effort to establish the standards of reporting for listed companies across the European Union.
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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[..]
