ESEF Reporting is integrated into Talentia's CPM solution and allows listed companies to prepare financial statements according to the XBRL format, which has now become mandatory
Talentia Software, a leading company in the development of solutions for the management of human and financial resources for medium and large-sized companies, presents the new XBRL (eXtensible Business Reporting Language) module, a tool that has become indispensable for companies listed on the stock exchange to allow them to prepare corporate financial statements according to the XML standard.
Imposed by the European Commission as a rule of the Transparency Directive and chosen by the European Financial Market Regulatory Authorities (ESMA), ESEF Reporting is the new common standard for the publication of information useful to investors. The goal is to be able to compare information by offering a single storage format (iXBRL) and a common dictionary (called ESEF taxonomy, based on IFRS). iXBRL or Inline XBRL, is the technological solution selected for the implementation of ESEF reporting and is the new format for the presentation of financial data of listed European companies. It is composed of the "xHTML" language, in which some tags or labels in "XBRL" format will be added - for the moment only to some accounting data, the primary balance sheet.
The ESEF standard will be mandatory from 1 January 2021 for all listed companies in Europe that publish corporate financial statements. The objective is to increase the transparency of the share movements of companies in the European Union, also introducing harmonized reporting at European level to be able to easily compare financial statements with those of other companies and thus simplify the task of analysts.
It is in this regulatory context that Talentia Software presents its XBRL module, which is integrated into the Consolidation offer and which allows you to manage financial consolidation in a shared and multi-standard mode to respond to recent regulatory developments. Reports in XBRL format are simply produced in accordance with the new ESEF regulatory standards with the updated taxonomy.
“Of all the companies listed in Europe, 5,800 are medium-sized and it is exactly these companies that we address, offering them our solutions and our new XBRL module which responds perfectly to their specific problems,” he declared Béatrice Piquer, CMO of Talentia Software.
Talentia Software's CPM solution offers the Finance Manager the opportunity to significantly improve their productivity by simplifying the consolidation and recording of financial statements, facilitating data sharing and collaborative work between accounting teams, providing accurate and complete reports on the company's financial performance.
It's a win-win situation: finance team members reduce repetitive tasks and add value to their work; the CFO manages more regular and reliable financial statements and guides the company's financial solidity with greater precision; auditors produce their reports earlier based on more complete and easier to audit data; finally, management has access to the most relevant management data more quickly.
