AMSTERDAM and LONDON, April 14, 2023 /PRNewswire/ — DataTracks, the global leader in financial reporting compliance, has released an updated ESEF solution with innovative “Smart Roll Forward” functionality. This new feature added to DataTracks’ ESEF Reporting solution will help listed companies in the EU and UK make urgent changes to annual reports closer to submission deadlines.
Phase II of the ESMA ESEF mandate requires companies in EU regulated markets to label their financial statements and notes to financial statements in iXBRL format. These ever-evolving compliance requirements make companies worry about having to make several last-minute changes to their ESEF reports, but not anymore. With the latest update to Smart Roll Forward (SRF), DataTracks offers a solution that covers last minute changes without any hassle.
Smart Roll Forward:
Smart Roll Forward is the latest feature added to DataTracks’ ESEF Reporting solution and complements the Rainbow software. This easy-to-use functionality allows users to transfer labels, including blocks of text, from one version of the document to another with a remarkable 98% success rate. This translates into significantly reduced processing time for each preview version, consistency of iXBRL tags across different versions of the document, and the ability to process as many preview versions as customers want.
SRF allows users to easily transfer tags even if the Annual Report content is changed and moved to different pages in the new version; In addition, the “Auto-Exclude” option makes it easy to exclude unwanted content from report block text labels. Best of all, this option automatically excludes similar content (headers and footers) across multiple pages by remembering the user’s previous choices.
Other advantages of the SRF function are the following:
Pramodh Vittal, Vice President of Product Design at DataTracks, explained: “We are pleased to announce the release of our updated ESEF solution, which includes the innovative Smart Roll Forward feature. This new feature will help our customers ensure a smooth reporting process. , efficient and compliant. We thank our customers and partners for their valuable feedback throughout the development process.”
About DataTracks
For 18 years, DataTracks has successfully provided compliance reporting products and services to companies around the world. DataTracks experts help companies convert their financial statements to XBRL, iXBRL, HTML, xHTML, and XML formats. They also offer several other regulatory solutions such as AIFMD, FATCA, Solvency II, CRD IV and MiFID II to help EU listed companies to meet the requirements of regulators such as ESMA, EIOPA, EBA etc.
The professionals of the company are well acquainted with the ESEF and UKSEF taxonomies. With experience preparing over 350,000 compliance reports for over 23,000 clients in 26 countries, DataTracks is an ideal partner for error-free ESEF reporting. For more information, visit the website https://www.datatracks.com/eu/.
For business inquiries: Email: enquiry@datatracks.eu Telephone: 31 20 225 3702
Media contact: mediarelations@datatracks.com
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