LONDON, Feb. 9, 2018 /PRNewswire/ -- Certent, Inc. announced its successful participation in field trials held by the European Securities and Markets Authority (ESMA). Certent's Disclosure Management platform was used to test technological readiness for Inline XBRL, or iXBRL, ahead of when the mandate takes effect.
Companies in Europe must begin filing their financial statements in the European Single Electronic Format (ESEF), which uses the iXBRL specification for all annual IFRS financial statements for periods that start on or after January 1, 2020. The ESMA trials represent a step in the process that tests its application with issuers and assists in finalising their extensions to the standard IFRS taxonomy that they will use.
"iXBRL filings make the process much simpler than using raw XBRL for businesses preparing structured data reports, and regulators are keenly aware that their own intake mechanisms must be tested ahead of the compliance deadline," says Hugh Wallis, the Director of Regulatory Analysis at Certent. "As a leading provider of enterprise regulatory financial reporting software across Europe, Africa, Asia and the Americas, we were thrilled to be selected to participate in the ESMA trials."
Filers in Europe have used XBRL to file reports to various regulators since at least 2007. The use of Inline XBRL further enhances issuers' data quality and helps reduce the risks and time associated with the preparation of highly sensitive financial disclosures.
"The regulatory reporting marketplace uses technology to make business reports usable and more comparable, but it is not limited to regulatory mandates such as ESMA," said John Turner, CEO of XBRL International, the not for profit standards organisation behind XBRL and Inline XBRL. "Creating board books, mutual fund reports and other internal reports is now a focus of the CFO office. The key to success is unlocking data from proprietary data stores and giving the business control over the way that this information is used. Applying tags for external reporting, as well as private tags for internal reporting turns out to be the secret sauce."
About Certent Certent, Inc. is a leading provider of software and services for equity compensation and financial disclosure management and reporting. Founded in 2002, Certent serves more than 2,400 public, private, and pre-IPO companies with innovative stock plan management, regulatory compliance and reporting technology. With five global offices, Certent delivers confidence across mission-critical finance and HR processes.