Press Release (ePRNews.com) - PARIS - Jul 16, 2020 - UBPartner (www.ubpartner.com), a leading XBRL software developer, and Pomelo-Paradigm (www.pomelo-paradigm.com), an expert in collaborative document publishing, announced today that they have partnered to provide a complete solution that listed companies can adopt to report under the European Single Electronic Format (ESEF) framework.
Annual reports are typically highly glossy documents presented in PDF or in print. However, the new ESEF reporting requires that listed companies publish their annual report in Inline XBRL (‘iXBRL’). This modern, digital format enables the annual report to be read via a standard browser (xHTML) and the data analysed using the tags (XBRL).
The questions that companies need to ask themselves are: firstly, ‘do investors and analysts want to read their report as a book in PDF format or in the more dynamic way that can be presented using xHTML?’. The second question, they must ask themselves is ‘what does it say about the company if the tags are not correct and the financial statements cannot be automatically validated to show that the numbers add up’?.
By combining their expertise, Pomelo-Paradigm and UBPartner, aim to provide an end-end solution for ESEF reporting with no compromises. A system that lets companies make full use of the new reporting format and to deliver to investors and analysts the information in the way they want to digest it.
Pomelo-Paradigm helps companies paint the right picture with their annual reports
“Pomdoc Pro is a paradigm shift which allows teams to work on their annual reports collaboratively and directly in the final layout. It also fully supports XBRL taxonomies and tags. It takes the company’s specific extension taxonomy produced by UBPartner’s XBRL tools and allows them to be used within the Pomdoc Pro environment,” commented Antoine Fournier at Pomelo-Paradigm. “Once the document is generated, the UBPartner XBRL software can help validate and review it.”
UBPartner ensures that the tagged financial data is accurate and consistent
“Data quality is important in the new format as the tagged data will be used by investors and on third-party websites to compare and benchmark company data,” said Steve Berdah, UBPartner. “We have built financial and XBRL expertise into our Taxonomy Builder and tagging tools, plus enable validation and review at every step of the process. The process can start as early as possible so that when the final statements are ready, the XBRL report model is fully tested and can be loaded into Pomdoc Pro with the other content.”
ESEF is the electronic reporting format in which issuers on EU regulated markets shall prepare their annual financial reports with start dates after 1 January 2020. The objectives of the provision are to make reporting easier for issuers and to facilitate accessibility, analysis, and comparability of annual financial reports. ESMA is responsible for specifying the European wide regulatory technical standards (RTS) and National Competent Authorities are expected to collect these in EU countries.
Pomelo-Paradigm is a privately-owned company with its headquarters in Versailles. It provides easy-to-use full web services for teams to create, manage and edit documents together. Pomdoc Pro is the first on-line SaaS solution that has everything you need to produce beautiful and glossy ESEF reports as well as consult, edit and translate them.
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