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We were delighted to welcome PwC and XBRL Europe as independent experts for The Journey to ESEF and iXBRL Tagging (Ireland) – the last mile.
We were delighted to have a successful turnout and the opportunity to share updated and relevant information about ESEF, XBRL, what it means for corporates in Ireland and what our InDesign-based solution offers.
You can watch the webinar recording below. Click here to download the presentation deck.
Is there any guidance from regulators on certified software providers from Central Bank?
Most regulators in the past have not favoured any particular software in similar situations so there is no guidance here as of yet and unlikely to be so in the future.
What skills do we need in house to apply the tagger and tags?
You would need a good level of understanding of accounting practices to apply the tags and t benchmark with other companies across Ireland and Europe (some countries have quicker answers from regulators so have started already). The best is to pair with someone who is working with XBRL question and someone from the accounting department to map and review the tags applied.
What are the practical challenges of using a consultant externally to apply the tags?
There is a question of assurance of tagging, and to the choice of the tag. It is key the issuer has a robust review process in order to verify and sign off on the tags that have been applied.
Which European countries are more and less prepared for this? Is Ireland in a good place right now?
Several countries such as France and Germany are well prepared for the future. Currently in Ireland there is a ‘sit back and wait’ attitude – more engagement is required from the regulator. The situation is not too late at present but this will need to be addressed by all by the end of September at the latest.
In terms of judgement, are the auditors providing these services to help us choose the right taxonomies and extensions?
The responsibility for the application of the correct taxonomies and extensions lies with the issuer – auditors will be able to provide guidance on whether a taxonomy is appropriate and correct or whether it is inaccurate or misrepresents the line item in the financial statement and can be included as part of the issuer’s review process, but sign off rests with the issuer.
How long a process do you think it will take to map and apply tags and then approve these?
As you can see from the CtrlPrint demonstration, to apply tags, extensions and calculations and move to a first draft for review can be achieved, following training in just a few hours. The length of the review process is the variable here in terms of who needs to be involved from the issuer side / external consultant, etc. and aligning calendars. Issuers who had beta tested the Tagger for CtrlPrint generally found that they were able to achieve a robust first draft within two days and then updating after review could be done in a few hours, depending on the number of amendments.
Which tagger solution is the right one for me?
There are lots of things to consider when deciding which tagger solution best suits your needs. The webinar covers a number of relevant areas and we hope this list of questions will help you evaluate different solutions:
- What does the solution deliver in the form of output and process support?
- How fast do you get started?
- How can you collaborate with internal and external participants during the work?
- How can the material be reviewed in the meantime?
- What level of information security is provided?
- What validations and checks are performed?
- How do you handle different language versions of the annual report?
- How can you reuse the tagging for next year?
- What support and training is included?
- When is the solution available for use?
