DataTracks, a global leader in corporate financial compliance reporting solutions, has launched an updated ESEF solution with the groundbreaking Smart Roll Forward feature. This new feature, being added to DataTracks’ ESEF reporting solution, will help listed companies in the European Union and the UK make quick changes to their annual reports without missing filing deadlines.
Phase II of ESMA’s ESEF mandate requires companies in EU-regulated markets to tag their financial statement disclosures and record notes to financial statements in iXBRL format as text block tags. These ever-evolving compliance requirements made organizations fearful of having to make multiple last-minute changes in their ESEF reports, which is no longer the case. With the latest Smart Roll Forward (SRF) update, DataTracks offers a solution that easily accommodates last-minute changes.
Smart Roll Forward:
Smart Roll Forward is the latest feature added to DataTracks’ ESEF reporting solution, complementing Rainbow software. This easy-to-use feature allows users to transfer tags, including blocks of text, from one document version to another, with a remarkable 98% success rate. This results in a significant reduction in processing time for each draft version, consistency of iXBRL tags across different versions of the document, and the ability to process as many draft versions as customers desire.
Also Read: Mitigating Ransomware Attacks in the Fintech Industry: A Comprehensive Guide for Business Leaders
SRF allows users to easily transfer the tags even if the annual report content is changed and moved to other pages in the new version. Additionally, the “Auto-Exclude” option makes it easy to exclude unwanted content from the text block tags in the report. Best of all, this option automatically excludes similar content (headers and footers) across multiple pages by looking at the remembers the user’s previous choices.
Some other benefits of using the SRF feature include:
- There is no need to check the entire document at the last minute.
- Improves efficiency in the ESEF reporting process.
- Reduces the probability of failure and errors in the final report.
Pramodh Vittal, Vice President for Product Design at DataTracks, stated: “We are pleased to announce the launch of our updated ESEF solution with the groundbreaking Smart Roll Forward functionality. This new feature will help our customers ensure a smooth, efficient and compliant reporting process. We are grateful to our customers and partners for providing us with valuable feedback throughout the development process.”
