PARIS, January 9, 2018 /PRNewswire/ --
DataTracks is pleased to announce that its Disclosure Management System (DMS) solution has been included in ESMA's recently concluded field tests for inline XBRL.
ESMA (European Securities and Markets Authority) is the European regulator for promoting stable and orderly financial markets in Europe. It has drafted the ESEF (European Single Electronic Format) specifications that require all issuers in Europe to present their financial statements in inline XBRL format from the year 2020.
To test the features of the ESEF format, ESMA had called for software providers to present their capabilities in converting financial statements to inline XBRL format. From the list of software providers who volunteered, ESMA chose the DMS offered by DataTracks as one of the solutions for generation of inline XBRL documents.
Around 25 European issuers participated in the field test. The issuers represented a wide range of industries across Europe, from banking to biotechnology; including several large and mid-sized corporations (18 participants had annual revenue of more than one billion euros). The diversity ensured that the financial statements tested covered all possible scenarios in the European financial system.
The field test was completed successfully and the issuers were pleased with the taxonomy and software readiness for inline XBRL reporting.
"Success of the field tests proves that the software has the ability to include different taxonomies and provide a user-friendly interface for tagging and viewing of financial information. We are also pleased to note that the end-users were able to prepare the statements with minimal training and support," says Pramodh Vittal, Vice-President for Product Design at DataTracks.
He further added, "Reporting of financial statements in inline XBRL format helps issuers to improve data quality and reduce the cost of preparing reports. Improvement in data quality will attract more investors and market participants to use XBRL data."
For enquiries related to European regulatory reporting, call +44-20-3608-1300 or email at email@example.com.
At DataTracks we assist our clients in preparing error-free regulatory reports, on time and with minimal effort. We prepare more than 12,000 XBRL statements annually for filing with regulators such as SEC in the United States, HMRC in the United Kingdom, Revenue in Ireland, ACRA in Singapore, MCA in India and EU regulators such as ESMA, EBA and EIOPA. Honed by over a decade of experience in preparing more than 100,000 compliance reports in XBRL, XML, iXBRL and EDGAR formats, our solutions and services are designed to assure quality, reliability, security and ease of use.
T R Santhanakrishnan
SOURCE DataTracks Services Limited