According to the required European single electronic format (ESEF), as of 01.01.2020, the annual financial statements of issuers whose securities are admitted to trading on a regulated market must be prepared and presented in XHTML format. If the annual financial statements contain consolidated financial statements, they must be integrated into the HTML documents using the XBRL format.
To ensure that information is readable by both humans and machines, financial statements must be marked with the iXBRL mechanism (inline eXtensible Business Reporting Language).
The new reporting requirements have been formally adopted by the European Securities Markets and Authority (ESMA).
XBRL Tagger is a certified XBRL tool allowing quick and easy conversion of financial statements to meet the ESEF standard. The use of this solution does not require an implementation process and specific technical knowledge, while the created tagged (marked) financial statements are ready for use, both through a web browser and in a printable format.
The software solution recognizes and works with files in MS Word, PDF, HTML and InDesign format by converting the annual consolidated reports into the required XBRL format.
It is the only solution that converts a wide range of file formats while allowing the export of branded reports in accordance with the corporate identity. With just a few clicks, the relevant items in the financial statements are mapped to comply with the taxonomy of ESEF, IFRS and the mapping is preserved and can be used for subsequent reporting periods.
The XBRL Tagger works with a generic XBRL processor compatible with any XBRL taxonomy out of the box, including IFRS, ESEF, CIPC, HGB, US GAAP, SBR, UK GAAP. It doesn’t need to be adapted to the changing requirements in any of them.
The solution is multilingual and allows tagging the reports in all languages spoken in the EU.
The financial software has a built-in artificial intelligence (AI), which automates the processes of mapping and tagging items in reports. The solution validates and verifies the annual consolidated financial statements and guarantees its total legal compliance.
The XBRL Tagger can be used as a stand-alone solution or as part of SmartNotes - a disclosure management system. Both software solutions are part of the product portfolio of the German software company AMANA, which has been developing software solutions for the needs of financial and tax departments in multinational corporations since 2011.
Request a free demo of the XBRL Tagger by contacting us here.
Balkan Services is an official partner of AMANA since 2020 and with this collaboration has added SmartNotes and XBRL Tagger to its software solutions portfolio.
As an additional value, the Balkan Services' customers receive preferential terms for publishing their financial statements on the X3 News Internet portal, owing to the partnership with Bulgarian Stock Exchange – Sofia AD through its wholly-owned subsidiary “Financial Market Service” LTD.
According to the Commission Delegated Regulation (EU) 2018/815 of 17 December 2018 supplementing Directive 2004/109/EC of the European Parliament and of the Council with regard to regulatory technical standards on the specification of a single electronic reporting format, the annual consolidated financial statements of public companies and other issuers of securities for 2020 and subsequent periods must be registered in the Financial Supervision Commission in iXBRL format.
Users: CFO's, Chief accountants, Financial reports creators, Investor relations - top and middle-level managers
In order for the process of converting financial statements into the required XBRL format to be automated, BACB purchases licenses for XBRL Tagger.
