Consolidated financial statements in XBRL format - PwC

eXtensible Business Reporting Language (XBRL) is an EXtensible HyperText Markup Language (XHTML) based format but with defined standard items from financial ... 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In2017EuropeanSecuritiesandMarketsAuthority(ESMA)announcedEuropeanSingleElectronicFormat(ESEF)-theguidingprinciplesforpreparingconsolidatedfinancialstatementsoflistedcompaniesfrom2020on.Thisnewformalrequirementrelatedtothepreparationanddisclosureoffinancialinformationisintendedtoalloweasieranalysisandcomparabilityofreporteddata.However,itrequiresadaptingreportingprocesses,stafftrainingandimplementationofallnecessarytechnologicalsolutionsforthepeopleresponsibleforpreparingthefinancialstatements.    FinancialdatawillhavetobepresentedaccordingtorigidXBRLformatschemes eXtensibleBusinessReportingLanguage(XBRL)isanEXtensibleHyperTextMarkupLanguage(XHTML)basedformatbutwithdefinedstandarditemsfromfinancialstatements(taxonomies),withstandardizedtimeandcurrencydesignation.XBRLenablesustosavefinancialstatementsinaformatthatallowsreadingthedocumentinanywebbrowserwithoutusinganyadditionalsoftware. Inthefuture,reportsinXBRLformatwillbeaudited TheroleoftheauditorinrelationtonewdatahasbeentakenintoaccountbytheEuropeanCommission,whichconsidersESEFprinciplesasstatutoryrequirementswithinthemeaningoftheEUauditdirective.Thissuggeststhat,overtime,theauditorwillhavetodealwithdatareportedinaccordancewithESEF.However,theCommissionhasalsosignaledthatmoreneedstobedonebeforethepositionisfullyclarified.Inparticular,theCommitteeofEuropeanAuditSupervisors(CEAOB)hasbeenaskedtoexaminehowESEFauditscanbecarriedoutinpracticeand,ifappropriate,providebindingguidelines. BepreparedfornewESEFrequirementsimplemented Theimplementedrequirementsdonotforcethecreationofnewinformation,butonlyrelatetotherecordingformatchange.Thepointisthatexistinginformationwillbemadeavailableinbothhuman-readableandmachine-readableformats.Therefore,itseemsreasonablethattheadjustmentactivitiesincompaniesshouldbeperceivedprimarilyasactionstoensurecompliancewithregulations. Thepreparationofannualreportsisacostlyandtime-consumingprocess.Thenewrequirementsareagoodstartingpointforanalyzingtheexistingpolicies,identifyingpotentialsavingsandoptimizingprocessesrelatedtothepreparationoffinancialstatements. Beforemakinganyoperationalchanges,implementationsoroptimizationsofthecurrentlygeneratedannualfinancialstatements,threebasicquestionsneedtobeconsidered: IsthetaxonomypublishedbyESMAtransparentandunderstandable? Howmanydeviationsfromthepublishedtaxonomywillitaffect?Canexistingtagsintaxonomybeassignedtoitemsfromourconsolidatedfinancialstatements? Doesthereportingteamhaveadequateskillsaswellasenoughtimetocorrectlyassigntagstoindividualpartsofthefinancialstatements? Howcanwehelp? InPwC,wesupportyouateverystageofXBRLimplementation: Training Designandimplementationofprocesses Mappingandtagging Implementationofthetool-XBRLReporter Training Training Throughtraining,XBRLexpertswillsharetheirknowledgeandexperienceonthesignificanceandimpactoftheESEF.ThetrainingprovidesasolidunderstandingofthenewrequirementsandprovidespossibleanswerstothekeychallengesthatthenewXBRLformatimplementsforthereportingincompliancewithESEF.  Designandimplementationofprocesses Designandimplementationofprocesses Wewillreviewthecurrentprocessofpreparationofconsolidatedfinancialstatementsusingwalk-throughprocedureswhilefocusingonkeyareasbasedonthenewESEFrequirementsandidentifyweaknessesinprocessesandareasthatcanbestandardizedandoptimized.Wewilldesignandsupporttheimplementationofcorrectiveactionsandappropriateinternalcontrolstoensurethatdeadlinesforthepreparationoftheannualreportinanewelectronicformataremet.  Mappingandtagging Mappingandtaggingconsolidatedfinancialstatements Aspartofthemappingprocess,wewillreconciletherelevantpartsoftheconsolidatedfinancialstatementstothenewESEFtaxonomyinaccordancewiththerequirementsthatwillapplyfromJanuary1st,2020.Thefinalproductisa"blueprint"reportdescribingthemappeditemsfromtheconsolidatedfinancialstatementstothemarkers(tags)requiredbythenewESEFrules. Aspartofthetaggingservice,wewillprepareataggingprojectinaccordancewiththeESEFrequirementsforspecificcompanies(wecovercompaniesfromdifferentsectorswithspecificstructuresoffinancialstatements). Wealsoofferverificationofataggingprojectpreparedbyourclients.Aspartofthisverification,wewillprovideanoverviewofthecollecteddatatoidentifyanygaps.Wecanalsoprepareadataqualityassessmentintermsofconsistency,completenessandaccuracy. Implementationofthetool-XBRLReporter Implementationofthetool-XBRLReporter XBRLReporterisanapplicationpreparedbyourexpertsthatallowstocreateareportinXBRLformatinaccordancewiththerequirementsofESEF. Aspartoftheimplementationprocess,weoffertrainingandworkshopsforusersandadministratorsofthetool.WecanalsoperformthetaggingserviceforthereportprovidedtousbythecustomerusingtheXBRLReporteroratoolthatthecompanyalreadyowns. Additionally,wecansupporttheprocessofchoosingatoolforthepurposeofreportinginaccordancewithXBRLbyreviewingandcomparingtheexistingtoolsonthemarket.Thecomparisonintheformofabenchmarkreportwillindicatethekeydistinguishingfeaturesofeachtoolandassessitssuitabilityforthecompanyspecificrequirements. XBRLReporterallowstocreateareportinXBRLformatinaccordancewiththeESEF XBRLReporterisaplug-inforMSWordandenablestaggingindividualitemsofthereportwithtagsdefinedinIFRStaxonomy. FullcompliancewithESMAtaxonomy Intuitiveandquicktaggingprocess Dataqualityandeasycontrol FinancialstatementsinXBRLformatinanylanguage Mainfunctionalities: TaggingreportitemswithIFRStaxonomytags,supportedbystepbystepinstructionsandadvancedtagsearch; Allowscreatingextensionsintaxonomy; TaggingvalidationtoESMArequirementsinatransparentreport; Includesdescriptionofcommentsandwarnings; 'Blueprint'reportwhichsummarizesthemarkeditemsofthereportandtagsassignedtothem,whichsimplifiestheverificationprocesssignificantly; GenerationandvalidationofthereportinXBRLformat; Taxonomysupportinmanylanguages. Contactus: UrošŽust RiskAssuranceServicesDirector,PwCSlovenia Email Nosearchresults YuliaBerus SeniorAssociate,RiskAssuranceServices,PwCSlovenia Email StayConnected: AboutUs PressRoom RSS OfficesWorldwide ContactUs © 2015-FriApr2911:26:31UTC2022PwC.Allrightsreserved.PwCreferstothePwCnetworkand/oroneormoreofitsmemberfirms,eachofwhichisaseparatelegalentity.Pleaseseewww.pwc.com/structureforfurtherdetails. Privacy Cookiesinfo Legal AboutSiteProvider