AMSTERDAM, June 12, 2019 /PRNewswire/ -- DataTracks, a global leader in disclosure management and regulatory compliance reporting software and services, demonstrated its state-of-the-art Rainbow solution for ESEF reporting in the XBRL Europe event.
The last week of May 2019 witnessed a major announcement regarding the European Single Electronic Format (ESEF) at the event, organized by XBRL Europe, on the premises of Bank of France in Paris. At this event, the European Securities and Markets Authority (ESMA) announced that the ESEF regulation has been published in the Official Journal of the European Union, thus becoming a law. In essence, it would be mandated that all listed companies in the European Union (EU) provide their Annual Financial Returns (AFRs) in an XHTML format. Where AFRs contain IFRS consolidated financial statements, XBRL tags need to be embedded, ensuring that the document is both machine and human readable.
During this event, DataTracks demonstrated the conversion of an AFR document into XHTML format by retaining the high-end design and applying XBRL tags on top of the document, using its Rainbow software. Further, XHTML output was rendered in a viewer built by DataTracks for efficient review of XBRL tags.
DataTracks' Rainbow software stands as the most promising option for filers looking to prepare themselves for ESEF reporting ahead of the mandate. Rainbow is capable of handling multiple taxonomies like IFRS and ESEF on the same platform, making it a versatile option for entities having reporting obligations in multiple jurisdictions, especially 20-F filings with SEC in the U.S.
"This demonstration is the result of a decade of DataTracks' experience in creating products that produce thousands of documents in XBRL and Inline XBRL formats every year for various regulations around the world," affirmed Pramodh Vittal, Vice President of Opportunities and Product Design at DataTracks.
"We feel excited to be part of ESEF regulation helping filers stay ahead of the mandate. With the ability to retain the style aspects of the document, filers can continue to follow the same process as before and conversion into XHTML format comes as a last step, saving compliance time and cost," added Balaji Muthukrishnan, Senior Vice President of Operations at DataTracks.
DataTracks is a global leader in disclosure management and regulatory compliance software and services. Seven of the top 10 accounting firms and over 15,000 enterprises around the world trust our expertise that stems from 14+ years of experience. Operating across 24 countries, we have prepared over 164,000 compliance reports worldwide. DataTracks enables enterprises across geographies to file reports compliant with the standards of regulators like the ESMA, EBA and EIOPA (EU), HMRC (U.K.), Revenue (Ireland), SEC (U.S.), ACRA (Singapore), MCA (India), CIPC (South Africa) and SSM (Malaysia). To know why financial accounting firms and enterprises world over prefer DataTracks, please visit www.datatracks.eu, www.datatracks.co.uk, and www.datatracks.com.
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