As the London lockdown started, 250 people joined our ESEF/XBRL experts for our webinar: The Road to ESEF – The Last Mile.
We were delighted to have such a successful turnout and the opportunity to share updated and relevant information about ESEF, XBRL and what our InDesign-based solution offers. You can watch the webinar recording below. Click here to download the presentation deck.
Webinar Q&A examples
During the webinar, we took live questions and answers from the attendees. Below are some examples of real questions we received and the specific job roles that asked them:
1.ESEF came into force on 1st Jan 2020 and it affects annual reports published after that date. Is it for year ends after that date or annual reports after that date? (Head of Corporate Comms)
Your first report you need to publish with a reporting date which is in 2020 will be affected by XBRL tagging, which you need to start soon, as you will need to understand your internal pressures and bottlenecks. So if you have a June YE, the first report affected by this is the 2020/2021 disclosure.
2. Can the normal PDF report be presented on our website as well as the required xHTML version? (Financial Reporting Manager)
The minimum requirement is to produce an ESEF report, we do not see a problem for publishing more information than that, however this is an internal jurisdiction questions.
3. You are assuming auditors don't find new disclosure to add late in the process. (Senior Finance Manager)
The flexibility and integration allows you to make changes in disclosure directly into the master document in CtrlPrint, regardless of if there are changes to the mapping or content, without working on parallel documents which would be more complex and would give you version chaos.
4. What does the final document look like? (CEO)
The final document will not change, however the EMSA requirement is XHTML, the results are, you will have exactly the same touch and feel of your designed Annual Report today.
5. What primary financial statements require tagging and how the notes are impacted? Does tagging also extend to financial information in the Annual report, e.g. the financial highlights section? (Financial Accountant)
Consolidated income statement and statement of comprehensive income, balance sheet, cash flow statement, and statement of changes in equity.
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?