EU Regulator ESMA (European Securities and Markets Authority) in Paris has mandated all issuers of publicly traded securities to file annual financial statements in 'European Single Electronic Format' (ESEF) for financial years that start after 1 Jan, 2020.
DataTracks' Rainbow (the cloud based software used by more than 16,600 clients worldwide to produce reports for regulators in 24 countries including in the European Union) has recently been upgraded to meet the requirements of EU customers to produce ESEF reports in iXBRL format.
Though Issuers in EU are expected to file ESEF statements from early 2021, several are testing solutions available in the market. DataTracks has started delivering pilot jobs to a few of its EU customers to prepare ESEF reports in the requisite iXBRL format for filing with ESMA.
Founder/Director T R Santhanakrishnan said: "Business enterprises in the European Union have a unique requirement. They have been producing financial statements for investors in PDF format with rich design and image content. They do not want to lose the ability to produce that output in the course of having to file ESEF reports in future. Any software that addresses the needs of EU customers must have the ability to read rich design PDFs as input and convert them into iXBRL statements for ESEF. DataTracks' Rainbow was upgraded recently to read rich design PDFs and convert them into iXBRL statements without losing the richness in design. Our customers do not need to incur significant retooling to meet the new ESMA requirement as their current output could be read into Rainbow and used to produce iXBRL statements without any compromise on the design, layout, and image content of the financial statements. This is a big breakthrough for us at DataTracks."Pramodh Vittal, Member of Executive Board responsible for R&D said: "We are glad the solution path we chose causes minimal change to processes within our customer enterprises. All that you need to do is produce your financial statements with high quality design, layout, and graphics for print and web media. And route that output to our software to produce iXBRL statements preserving the quality of the design, layout and graphics without any compromise. Tip of the hat to our technology team for this upgrade to Rainbow 3.0."
Sriram Srinivasan, Member of Executive Board responsible for Sales in EU region said: "Our emphasis is on making compliance easy and inexpensive for our customers. The pilots demonstrate our capability to address this unique need of our EU customers. DataTracks already counts over 10,500 clients in the European Union. We hope this initiative will add to that number significantly."
A happy UK customer, Robert Williams, Founder of Friend Studio Ltd, says: "Preliminary tests of DataTracks' Rainbow solution have been encouraging. Using a PDF as the source file, they can generate a tagged XHTML (iXBRL) output retaining all of the design elements of the annual report. It's impressive that DataTracks has achieved this and we are excited to explore the solution further to help meet our clients' reporting needs."
DataTracks, Singapore is a global leader in disclosure management software. DataTracks serves more than 16,600 business enterprises in 24 countries. DataTracks software and services have been used to prepare more than 166,000 compliance reports so far for filing with regulators such as SEC in United States, ESMA, EBA and EIOPA in European Union, HMRC in United Kingdom, ACRA in Singapore, SSM in Malaysia, CIPC in South Africa and MCA in India.
For more information: www.datatracks.eu.
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Media contact: T R SanthanakrishnanFounder/Directorceo@datatracks.com