AMSTERDAM and LONDON, March 12 /PRNewswire/ — – DataTracks, a global leader in corporate financial compliance reporting solutions, has released an updated ESEF solution with the breakthrough “Smart Roll Forward” feature. This new feature will be added to DataTracks’ ESEF reporting solution , will help listed companies in the European Union and the United Kingdom 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.
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, explained: “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.”
Information regarding DataTracks
For 18 years, DataTracks has been successfully providing compliance reporting products and services to companies around the world. DataTracks experts help companies convert their financial reports to XBRL, iXBRL, HTML, xHTML and XML formats. They also offer various other regulatory solutions such as: B. AIFMD, FATCA, Solvency II, CRD IV and MiFID II to help EU listed companies to comply with the requirements of regulators such as ESMA, EIOPA, EBA etc.
The company’s professionals are very familiar with the ESEF and UKSEF taxonomies. With experience in creating over 350,000 compliance reports for more than 23,000 clients in 26 countries, DataTracks is an ideal partner for error-free ESEF reports. For more information, see
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