ESEF made easy

Cost-effective solutions to meet your XBRL needs.

ESEF is a new filing requirement in iXBRL format, required for reports on accounting years beginning on or after 1st January 2020. It will affect reports publishing from February 2021 onwards.

Written by
Friend

Cost-effective solutions to meet your XBRL needs.

ESEF is a new filing requirement in iXBRL format, required for reports on accounting years beginning on or after 1st January 2020. It will affect reports publishing from February 2021 onwards.

This means compliance with this new requirement will be one of the main priorities when planning next year's annual report.

This process will need input and checks from a number of your reporting project stakeholders including your auditors and finance team. The UK announced recently that the board will not be expected to sign off the iXBRL tagging as part of the Companies Act, which is a helpful clarification.

Additionally the FRC is currently conducting a survey of stakeholders approach to ESEF, and we encourage everyone involved in reporting to take part at the link above. When the UK’s national filing mechanism details are confirmed, we hope there will also be further clarity on the audit expectations and process guidance from the regulators, as this is a key part of processes that may affect the report creation process.

What can you do now?

We are starting ESEF preparations with our clients as early as possible in the 2020 reporting cycle – this will help ensure all of our clients have the most suitable approach and process in place in good time for next year’s filings.

Over the past three years, our team has fully tested a range of options available and solutions have been improving significantly in the past few months.

Friend Studio offers fully tested, ESEF compliant solutions that provide the best of fully designed reporting in XBRL format.

We do this as an integral part of the report design and production process, and our range of cost-effective services are fully tested and are compatible with our reporting software and workflows.

Our three solutions offer post-production tagging, semi-integrated parallel tagging with report creation, and fully integrated, digital-first report creation and tagging.

Our solutions deliver this new ESEF filing with minimal impact on your established processes.

If you or your annual reporting teams would like to find out more about Friend Studio’s XBRL services, please get in touch.

Related article: Ready for ESEF?