Talentia Software unveils the new version of Talentia CPM fully compliant with the European ESEF standard

June 28, 2021

Featured-Image_Blog_Talentia Software unveils the new version of Talentia CPM fully compliant with the European ESEF standard._EN

Since the start of the 2020 financial year on January 1st, companies listed on a regulated market are required to adopt the ESEF (European Single Electronic Format). From now on, they must produce their reports in XBRL format.                                          

Initially, only the 5 primary statements (Balance Sheet, Net Income, Statement of Comprehensive Income, Statement of Cash Flows and Statement of Changes in Equity) must be tagged in iXBRL format. This requires a mapping between the values in the financial statements and the ESEF taxonomy. In a context where finance teams already must produce reports and analyses within tight deadlines and often in a manual way, this new standard brings additional complexity.

From the financial statements closed on 12/31/2022, it will also be necessary to tag all the notes in the form of text blocks.

Talentia CPM, the complete module that meets the new regulations:

Dynamically tag financial statements with quick access to the different elements of the taxonomy. Launch and verify the consistency checks required by the ESMA (European Securities and Markets Authority).

Generate the entire RFA (mapped primary statements as well as notes in the form of tables, word texts, graphs…) in XHTML format.

The new version of Talentia CPM integrates the 5 mapped primary statements and a “word add in” (which can be used as an RFA), integrating the 5 primary statements as well as the notes.

Talentia Disclosure Management offers the finance department the opportunity to significantly improve its productivity by simplifying the consolidation and closing of accounts, facilitating data sharing and collaborative work between accounting teams.  The new module delivering accurate and complete reports on the company’s financial performance.

The new tool simplifies the complexity of the finance team. Employees reduce repetitive tasks and enhance those with high added value; the CFO orchestrates more regular and reliable closings and more accurately monitors the company’s financial health; auditors produce their reports earlier based on more exhaustive and easier to control data; and finally, management has more relevant management data more quickly.