This new module allows listed companies to create XBRL reports in XBRL format, which are now mandatory.
With the launch of its XBRL (eXtensible Business Reporting Language) module, the publisher of Finance and HR management software for medium-size companies, Talentia Software is targeting listed companies to enable them to publish reports based on the XML standard.
Imposed by the European Commission as part of the Transparency Directive and chosen by the European regulator of financial markets, ESMA, ESEF reporting is the new common standard for publishing investor information. It is intended to promote comparability of information by offering a single filing format (iXBRL) and a common dictionary (called the ESEF taxonomy, based on IFRS). The iXBRL, or Inline XBRL, is the technological choice chosen for the implementation of this ESEF reporting. It is the new format for presenting financial data for European listed companies. It is composed of the “xHTML” language, in which will be added – for the moment only on certain accounting data, the primary financial statements – a few tags or labels in “XBRL” format.
ESEF reporting has been used since 2020 for listed companies in Europe that file a Universal Registration Document (URD, formerly the Registration Document). It will apply on 1 January 2021 to all listed companies in Europe that publish an Annual Financial Report (AFR). The aim is to enhance the transparency of the European Union’s capital markets. It is also intended to introduce harmonized reporting at European level in order to easily compare financial statements with those of other companies and thus simplify the task of analysts.
XBRL, a solution integrated with Talentia’s Financial Performance Management CPM solution
It is in this regulatory context that Talentia Software launches its XBRL module. The XBRL module is integrated into the Consolidation offer. It allows to manage financial consolidation in a collaborative way in multi-standard and to respond to the latest regulatory changes. Reports in XBRL format are simply produced in compliance with the new ESEF regulatory standards with the updated taxonomy.
“Of all listed companies in Europe, 5800 are ETIs. It is to these mid-sized companies that we address and to their issues that our solutions respond. Talentia Software is therefore launching this new XBRL module to meet the needs of listed ITEs,” said Béatrice Piquer, CMO of Talentia Software.
Talentia Software’s CPM solution offers the financial department the opportunity to significantly improve its productivity by simplifying the consolidation and closing of accounts, facilitating data sharing and collaborative work among accounting teams, and delivering accurate and complete reports on the company’s financial performance.
It’s a win-win situation for everyone: the department’s employees reduce repetitive tasks and add value to their work; the CFO orchestrates more regular and reliable closings and more accurately steers the company’s financial health; the auditors produce their reports earlier on the basis of more comprehensive and easier to control data; and finally, management has more relevant management data at its fingertips more quickly.