15.10.2020 – 09:15
The Silvester Group announced that it has selected ParsePort as its technology partner for ESEF-compliant, machine-readable financial reporting and publishing in iXBRL format. The wide-ranging partnership signed today is the result of the Silvester Group’s detailed analysis of all relevant technology players for XBRL services. Together, the investor relations and the solution provider for financial reporting can offer unique, professional and highly reliable processes at a very attractive price point.
The ‚Peace of Mind ESEF Package‘ is a combined effort by ParsePort and the Silvester Group to demystify the functional requirements governing the preparation of IFRS financial reports with a uniform structure that can be read by humans and machines alike. ParsePort provides Europe’s leading software solution for converting existing PDF financial reports and figures in MS Excel into iXBRL format, while the Silvester Group brings more than 30 years of expertise in designing, creating and editing annual and financial reports. The ‚Peace of Mind ESEF Package‘ will be offered to corporate clients at a very attractive price and delivers two main benefits:
1. Technology capable of proven, high-performance, fully automated conversion
- With its pan-European presence, ParsePort offers what is currently the fastest, most cost-efficient and fully automated iXBRL solution for European companies - in keeping with its motto "XBRL made simple". - All that is needed are the PDF files of the annual reports and the MS Excel files used during the drafting process.
2. Expertise for practical implementation and simple control processes
- The Silvester Group has been advising on, writing, designing and producing annual reports for more than 30 years. - Its team of investor relations experts, financial analysts, economic advisors and management consultants have developed a practical, benchmark-oriented approach to taxonomy allocation (tagging) and simple use in the control process that does not add any further complexity to processes even during 'critical phases'.
iXBRL and ESEF to become compulsory for future annual reports
From 1 January 2020, all IFRS annual reports in the EU must be published in a standardized electronic reporting format (European Single Electronic Format, or ESEF for short). The ESMA (European Securities and Markets Authority) has created a consistent ESEF taxonomy for this purpose that is largely based on the IFRS taxonomy. The figures in the IFRS annual financial statements of an annual report must be allocated – that is, marked or tagged – according to the corresponding taxonomies to ensure a clear, uniform and machine-readable structure. The report must then be published in Inline XBRL (eXtensible Business Reporting Language, or iXBRL for short), a format readable by both humans and machines.
A transition period has been provided to make it easier for companies to introduce ESEF. To start with, the main sections of the financial statements and general company information must be allocated to the corresponding IFRS taxonomy items from 2020 onwards. After this initial period – that is, from the 2022 financial year onwards – all of the notes to the financial statements must also be allocated to the IFRS taxonomy.
Something the ParsePort solution can already handle with „Hypertagging“ a concept further explained in this video https://www.youtube.com/watch?v=ZAC_1v9vaMg.
Danish companies are pioneers when it comes to iXBRL and ESEF. In Denmark taxonomies and mandatory XBRL conversion for annual financial statements, including the notes, have already been standard since 2012. As a company with its headquarters in Denmark, ParsePort is therefore familiar with the growing requirements in Europe.
About the Silvester Group
The Silvester Group supports corporate clients in implementing their financial and corporate communications, branding, sustainability and CSR communications and digitalisation strategies. Its interdisciplinary team crafts companies‘ professional dialogue with their stakeholders, providing strategic, creative, media-related and technological insight to deliver the complete package.
In the area of investor relations (IR), the Silvester Group advises on and designs successful capital markets communications – acting as an outsourced IR department in some cases. It has been in business for around 30 years and has delivered over 2,150 financial communications projects for clients across all sectors during this time. The Silvester Group currently employs more than 50 staff at its offices in Hamburg and Frankfurt am Main.
Under the slogan „XBRL made simple“, ParsePort provides solutions for (i)XBRL-format financial reporting to authorities, banks, insurance companies, pension funds, auditors, listed and smaller companies all over the world.
ParsePort is headquartered in Denmark with offices across Europe. Its solutions include GAAP, EBA (Corep / Finrep / CRDIV), EIOPA (Solvency II) and ESMA (ESEF).
Today it offers one of the fastest, simplest and most cost-effective XBRL solutions on the market and helps companies to comply with EU or local requirements to create financial transparency and predict and minimize the effect of financial crises.
Tel. +49 (40) 3099776-48