How ready are you for ESEF? Watch our webinar

Our ‘ESEF made easy – how to comply with confidence’ webinar provided invaluable insight into how to address this pivotal new requirement.

To request the webinar video click here

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Friend

Our ‘ESEF made easy – how to comply with confidence’ webinar provided invaluable insight into how to address this pivotal new requirement.

To request the webinar video click here

Listed companies must file ESEF/iXBRL versions of their annual report for years ending on or after 31 December 2021. At our webinar we heard from Paul Coupland of Experian who led the FTSE 100 company’s early adoption and filing – one of the first companies to do so. Also sharing their experience and perspectives were Thomas Toomse-Smith, Head of Innovation and Digital at the FRC and Rob Riche, one of the founders of Friend. The webinar was hosted by Clive Bidwell, Friend’s Strategy Director.

 

The three key takeaways:

ESEF isn’t a compliance burden. It’s a catalyst to revolutionise reporting
Sure, the first hurdle is to comply with the ESEF requirements, which for most companies, will be your next annual report. But the purpose of the ESEF regulations isn’t to create another compliance burden, it’s to make your company’s reported information more accessible, usable and therefore useful, meeting the huge growth in demand for data. We believe ESEF will be a catalyst to completely revolutionise reporting – in its creation, outputs and consumption – starting with the limited initial requirements but quickly expanding to encompass all reporting including ESG.

Start the process early. It only gets easier with practise and the right guidance
ESEF is complex and there are lots of pitfalls along the entire journey right up to the actual filing – just like the sign-off of the annual report. It’s a project in itself, an integrated part of the whole annual report process, and as such it requires careful planning alongside the right advisor and technical partner, as well as appropriate resource allocation to get it right. We’d suggest starting the process at least a few months prior to your year end.

The planning phase is crucial, setting the path for the first filing and ambitions for digital-first reporting
In our initial sessions with our clients, we start by exploring three areas: their filing and timing requirements; their team, skills, resources and systems; and their ambitions for reporting in the future. Of course, getting the first filing right is vital, but so too is making plans to enhance your reporting in the longer term – especially as you move towards digital-first reporting which can simplify the process and dramatically improve outputs.  

If you’d like to find out more about how we could help you meet the ESEF requirements and explore the opportunities of digital-first reporting, please do get in touch

Written by
Friend