The European Single Electronic Format is the electronic reporting format in which issuers on EU regulated markets have to prepare their annual financial reports starting from January 2020, meaning reporting done in 2021. After this all annual reports have to be prepared also in XHMTL. Where the annual financial report contains IFRS consolidated financial statements, these shall be labelled with XBRL ‘tags’ which make the labelled disclosures structured and machine-readable.
There will be many issuers looking for a solution, to prepare their Financial statements in this new format. Issuers are looking for either built-in or bolt-on solution for this requirement. Many consolidation system and/or reporting system providers have this feature built-in into their consolidation solution. Could this be a development item for Anaplan as well? Either as a built-in or bolt-on?
Head of Financial reporting at Finnair
More information about the new reporting requirement can be found here:
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