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XBRL Reporter allows users to create financial statements in XBRL and iXBRL format using MS Word. It is a plug-in for MS Word and enables tagging individual line items of the financial report with tags defined in ESEF taxonomy. The tool provides full compliance with ESEF.
Be prepared for new ESEF requirements implemented by the legislator
From 1 January 2020 companies which are listed on the EU capital markets and prepare their consolidated financial statements in compliance with IAS will be obligated to report in xHTML format and apply XBRL formattagging.
This new formal requirement related to the preparation and disclosure of financial information is intended to allow easier analysis and comparability of reported data. However, it puts in front of the people responsible for preparing the financial statements, the task of adapting reporting processes, staff training and implementation of all necessary technological solutions.
XBRL Reporter’s main functionalities are
Tagging financial report items with ESEF taxonomy tags is supported by step-by-step instructions and advanced tag search.
Easy and intuitive creation of extensions in taxonomy.
'Blueprint' type report which summarises the marked items of the report and tags assigned to them, which significantly simplifies the verification.
Tagging validation to ESMA requirements in a transparent report, with the description of comments and warnings.
Generation and validation of the report in iXBRL and XBRL format.
Embedded link between Word and Excel files allowing for data refresh between them without losing the tagging done in Word, helpful with last minute value changes.
Application is available in Polish and English and can have additional interface language added. It supports ESEF taxonomy in all UE languages for easier search in local language.
Benefits
Intuitive and quick tagging process supported by robust tag search engine. No special training required to start working with the app.
Data quality and easy control over tags using tagging report allowing for error-free reporting process.
100% visual coherence of iXBRL and Word documents.
Immediate and hassle free installation process requiring no IT support or additional resources.
We support you at every stage of XBRL implementation
Training
As a part of implementation XBRL experts provide a solid understanding of the new requirements and answers to the key challenges that the new XBRL format introduces, allowing for proper reporting in compliance with ESEF.
Design and implementation of processes
We will review the current process of preparation of the consolidated financial statement using "walk-through" procedures, focusing on key areas for the new ESEF requirements, and identify weaknesses in the processes and areas for possible standardization and optimization. We will design and support the implementation of improvement actions and appropriate internal controls to ensure that the deadlines for preparing the annual report are met in the new electronic format.
Mapping and tagging consolidated financial statements
As part of the mapping process, we reconcile the relevant sections of the consolidated financial statements to the new ESEF taxonomy according to the requirements that will be in effect from January 1, 2020. The end product is a "blueprint" type report describing the mapped items from the consolidated financial statements to the tags required by the new ESEF rules.
Full outsourcing of tagging by PwC
PwC also uses the XBRL Reporter tool to provide outsourcing services to the client. PwC tags the financial statements with XBRL tags for the client and prepares a final ESEF compliant product.
We know that IT, technical and accounting knowledge should go hand in hand to assure successful tool implementation. This is why our team combines XBRL, accounting and IT experts.
Katarzyna Podgórna, Partner at PwC Polska
Pricing
Price includes:
- Initial license fee (per user – overall price depends on the numer of licenses purchased)
- User training
- Renewal license fee calculated as 25% of initial license fee
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