Broadcasting the need to digitise

Despite the digital format for annual reports being mandatory since 2021, following the introduction of ESEF to London-listed reporters, companies doggedly stick with the PDF as their format of choice, attempting to meet their obligations to file the xHTML report by converting the PDF at the end of the process. This is a fudge that regulators have tolerated, but they are now actively urging companies to embrace digital-first reporting in readiness for further requirements, such as the increasing demands of iXBRL reporting over the next few years as we address CSRD and more sections of the annual report require tagging.

Another very important factor is that reporting regulations demand that reports should be accessible, ensuring equality of access for all users of reports, regardless of their circumstances.

Reporters’ reliance on PDFs has been caused by a lack of viable alternatives. At Friend Studio, we started planning the shift to digital reporting eight years ago and focused on developing an innovative, purpose-built digital-first reporting content management system – with input from PLCs, reporting regulators, auditors and XBRL bodies – that solves this complex challenge.