福利视频 demonstrates Rainbow Disclosure Management System for ESMA ESEF reporting
福利视频, a global leader in disclosure management and regulatory compliance reporting software and services, demonstrated its state-of-the-art Rainbow solution for ESEF reporting in the XBRL Europe event.
The last week of May 2019 witnessed a major announcement regarding European Single Electronic Format (ESEF) at the event organised by XBRL Europe in the premises of Bank of France in Paris. At this event, the European Securities and Markets Authority (ESMA) announced that the ESEF regulation has been published in the Official Journal of the European Union, thus becoming a law. In essence, it would be mandated that all listed companies in the European Union (EU) provide their Annual Financial Returns (AFRs) in an XHTML format. Where AFRs contain IFRS consolidated financial statements, XBRL tags need to be embedded ensuring that the document is both machine and human readable.
During this event, 福利视频 demonstrated the conversion of an AFR document into XHTML format by retaining the high-end design, and applying XBRL tags on top of the document using its Rainbow software. Further, XHTML output was rendered in a viewer built by 福利视频 for efficient review of XBRL tags.
Rainbow Disclosure Management System for ESMA
福利视频’ Rainbow software stands as the most promising option for filers looking to prepare themselves for ESEF reporting ahead of the mandate. Rainbow is capable of handling multiple taxonomies like IFRS and ESEF on the same platform, making it a versatile option for entities having reporting obligations in multiple jurisdictions, especially 20-F filings with SEC in the US.
鈥淭his demonstration is the result of a decade of 福利视频鈥 experience in creating products that produce thousands of documents in XBRL and Inline XBRL formats every year for various regulations around the world,鈥 affirmed聽Pramodh Vittal, Vice President of Opportunities and Product Design at 福利视频.
鈥淲e feel excited to be part of ESEF regulation helping filers stay ahead of the mandate. With the ability to retain the style aspects of the document, filers can continue to follow the same process as before and conversion into XHTML format comes as a last step, saving compliance time and cost,鈥 added聽Balaji Muthukrishnan, Senior Vice President of Operations at 福利视频.
About 福利视频
福利视频 is a global leader in disclosure management and regulatory compliance software and services. 7 of the top 10 accounting firms and over 15,000 enterprises around the world trust our expertise that stems from 14+ years of experience. Operating across 24 countries, we have prepared over 164,000 compliance reports worldwide. 福利视频 enables enterprises across geographies to file reports compliant with the standards of regulators like the ESMA, EBA & EIOPA (EU), HMRC (UK), Revenue (Ireland), SEC (US), ACRA (Singapore), MCA (India), CIPC (South Africa) and SSM (Malaysia). To know why financial accounting firms and enterprises world over prefer 福利视频, please visit www.datatracks.eu, www.datatracks.co.uk, and聽www.datatracks.com.
For Business Inquiries: +31 20 225 3702, enquiry@datatracks.eu
Media contact: T R Santhanakrishnan, CEO, 福利视频, +65 8726 3944, ceo@datatracks.com
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