Here you can find some tips about what to consider in terms of budgeting and planning your first ESEF compliant annual report. If you have any questions, please find our contact information at the bottom of this page.
What are the cost implications for ESEF reporting?
The pricing is for your first ESEF compliant report. Our solution saves your work and allows it to be reused in the future so many of the line items are one-off costs.
- Cost of CtrlPrint’s solution
For existing CtrlPrint clients, our ESEF solution will cost 7500 GBP excl VAT per year. You will have access to training and support. No other costs will be added. We do not offer any accountancy related support.
- Cost of implementation
Our solution does not require any specific implementation. It is a bolt-on or plug and play solution that exists within the CtrlPrint existing platform.
- Budget for XBRL and ESEF expertise
Depending on your internal resources and expertise it might be prudent to include an introduction to XBRL and ESEF framework by an expert as part of your budget. From our testing and workshops that we ran in November and December 2019 the level of knowledge is generally good, but it can be valuable to have some initial guidance.
- Internal timings
During our dry run in the autumn of 2019, several of the 30 participating groups indicated that they had progressed quite far during the 2 to 3 days they spent at the workshop. In most groups, approximately 2 users had good knowledge of the company accounts and IFRS. ESEF will require the application of 100 to 250 tags to the corporate accounts. Some of these will be organisation specific tags called extensions if they differ from the IFRS standards. Depending on the industry, these extensions differ and can comprise between 10 and 50% of tags.
- Cost of auditing
As of the 1st of January 2020, an issuer of securities shall report in a format that allows for electronic reporting and as such auditors may have to review the tagging.
How will IT be involved?
To use CtrlPrint and/or our ESEF solution a long drawn out implementation is not necessary. Some simple installations are all that will be required to get started. Both workflows will need CtrlPrint Transfer Manager which will handle the installation of our CtrlPrint Tagger and the version handling of the ESEF report and mapping.
When will CtrlPrint’s solution be available?
The CtrlPrint Tagger will be released in the second half of April 2020. We have a beta version that you can test if you wish to do so.
Questions and comments?
Send an email to email@example.com or call 0203 630 0134 and we will be back in touch as soon as possible.