Our cloud-based application helps organisations efficiently create and tag iXBRL documents. The web-based application takes financial statements produced in third-party software (such as Microsoft Word and Excel, and Adobe InDesign) and allows users to apply XBRL tags to their reports. With an expertly built engine and customer-base including the “Big Four” accountancy firms and other international companies with a presence worldwide, the feature-rich solution we offer requires minimal work to produce ESEF-compliant filings. Our ESEF platform is also fully XBRL Certified Software.

The European Single Electronic Format (ESEF) is a technical standard format which will replace the current standard of using PDF, and instead allow the document to be read in a web-browser using XHTML capabilities. When browsing this document, users may also tag and subsequently review ‘Inline XBRL’ (iXBRL) which provides a human-readable component to what would otherwise be a technical and machine-readable document.

ESEF therefore provides a mechanism for companies and regulators to promote transparency, better quality reporting and enables organisations to easily compare annual filings with those of other companies due to the underlying taxonomy structure.

While ESMA is keeping the reporting requirements in line with IFRS standards, it’s expected to update their taxonomy at least once yearly and possibly more frequently. If a software is not well designed to handle these updates, there is an increased risk of bugs and late availability of software with each update and that a customer may be required to double their efforts by starting the entire process from scratch the next year.

Time pressures are another concern as data must be consolidated and ultimately published within four months of the financial year end. Having a software that can automate tagging and minimise turnaround is invaluable to issuers.

iXBRL format is also complex and understanding the technology is typically daunting, requiring expert knowledge. Our software takes the complexity out of the equation and provides a simple, agile response to changes in technical standards.

Meet your regulatory reporting requirements with confidence – BRSANALYTICS, through it’s UK-based partners CoreFiling, provides an XBRL certified product and IFRS tagging services for the creation, review and validation of Inline XBRL reports for ESMA-ESEF filings.

“XBRL software certification makes it easier for everyone involved in 21st century corporate, regulatory and enterprise reporting to ensure that information that is prepared in one place using a certified software package can be accurately and seamlessly consumed in another,” said John Turner, CEO of XBRL International. “Our certification builds confidence among those relying on the software – such as issuers, accountants, service providers and regulators – to make XBRL-tagged data easily usable across multiple platforms.”

Certified XBRL Software has been tested by XBRL International against thousands of conformance suite tests that objectively prove the interoperability of software that produces or consumes XBRL-tagged information.

Source: xbrl.org

With over 3,000 tags to choose from in the ESEF Taxonomy, picking the correct XBRL tags for your financial reports can often be a confusing and time-consuming exercise. Our solution simplifies the process by offering taggers suggestions for which tags to use, based on the value’s location in the document, the text surrounding the value and the tagging decisions made in other filings. Taggers can then simply choose their preferred tag from a shortlist, sorted by the confidence level allocated by our solution. The final decision remains with the tagger; the suggestions are there to make the tagging process quicker and more consistent. 

New mandates, such as the European Single Electronic Format (ESEF) require issuers to tag their annual accounts in XHTML format.  Many of the files are very content rich with many media and layout constructs included across hundreds of pages.

The default import mode for Seahorse has always supported “reflowable” layout , which can auto detect tables and support auto-tagging of table content.  This solution has met the requirements of the iXBRL market as the documents to be tagged were often plain and did not include media and layout constructs such as complex text layout, images and headers and footers. 

To ensure Seahorse is the best-in-market solution for both new and existing mandates, and as accounts are created with more and more media content, we introduced the Fixed Layout Module as a separate option to our offering. 

This feature allows you to import Microsoft Word documents and Seahorse will prioritise the layout of the document, including, but not limited to:

The ability to quickly and accurately tag tables remains and the tagging process is still central to our solution, ensuring our customers have full confidence that our application continues to create accurate and valid iXBRL filings ready for submission to the regulator.

Want to outsource the entire tagging process?

We also offer the option of fully handling the tagging of your financial statements from start to finish so you can concentrate on what truly matters to your business.