Asseco ESEF a response to new financial reporting requirements
Since the beginning of the year, companies listed on the Warsaw Stock Exchange (WSE) have been preparing to change their reporting formats. Starting from 2020, they must be sent as the XHTML files instead of the PDF files. The change means that these companies must choose an IT solution that will support them in reporting in the ESEF (European Single Electronic Format) standard. The answer to these needs is Asseco ESEF - a complete reporting solution.
New financial reporting requirements
Since 2020, the European Securities and Markets Authority (ESMA) has imposed an obligation on all companies listed on stock exchanges in the European Union, which prepare their financial statements in accordance with IFRS (International Financial Reporting Standards), to report in the new technical standard XHTML. In addition, companies that prepare consolidated annual reports are required to report in the Inline XBRL (iXBRL) format.
A financial statement is the most important report published by a company. It is the basic source of information on the financial and asset situation of the company. The quality, usefulness and reliability of the information contained therein are the key points of interest of internal and external recipients. The information is used, among others, by members of supervisory boards, investors, analysts, contractors, banks, companies insuring contracts and providing commercial guarantees, as well as many other participants of economic life - said Ewa Matlak, Project and Product Manager at the Regulatory Solutions and Risk Division of Asseco Poland.
The amendment introduced by ESMA added the possibility of machine data processing and the option to compare information published by individual companies. In order to comply with the new reporting obligation, appropriate tools are required to enable the ESEF (European Single Electronic Format) report preparation.
IT system as answer to challenge
The change of regulations means that companies will have to choose an IT system that will support key areas of the reporting process. They will need a solution that will help with the organization at each stage of the process. In particular, such a solution will provide the possibility of preparing financial statements in the iXBRL format in accordance with the ESEF standard.
The Asseco ESEF system was built on the basis of Asseco's many years of experience in providing reporting solutions to the Polish financial market. It offers ergonomic and user-friendly processes and functions that enable the preparation of financial statements in a form that allows for their submission directly to the Polish Financial Supervision Authority (KNF), meeting the requirements of ESEF - emphasized Ewa Matlak. Asseco ESEF enables independent work of users and full control over the process by a company, automating all possible steps, which increases the efficiency of user's work.
The solution is provided via a web browser. It enables the preparation of financial statements in the ESEF format and their export to the appropriate format (e.g. xHTML, iXBRL). Asseco ESEF integrates with Microsoft Office - Word and Excel - allowing for comfortable and intuitive work on financial statements.
Thanks to the integration of Asseco ESEF with the Asseco Reporting Platform, it is possible to fully support the process of preparation of financial statements, including the process of consolidation of statements within the capital group. Such an approach enables the organization of reporting processes in a company, its automation, increase of work efficiency and reduction of operational risk of the reporting process - summarized Ewa Matlak.
Asseco ESEF is offered in two variants tailored to a company's needs:
- On premise - a solution designed to run in a customer environment with the possibility of individual adaptation and customization to the needs of an organization,
- On cloud - the most financially beneficial proposal, a solution offered in the form of a service in a comfortable and secure Oracle Cloud.
More information on: esef.asseco.com