Public companies are in the process of preparing new reporting standards for consolidated Annual Financial Reports by the European Single Electronic Format (ESEF) standard- reporting in iXBRL format. The first decision to be taken is the approach to the ESEF reporting: whether to undertake the reporting independently within the company or to choose to outsource this service.
In case, when a company wants to have full control over the implementation of the ESEF reporting and when flexibility and independence are key factors, we recommend choosing an independent approach to the ESEF reporting. We at ADD offering training where we educate and teach our users how to use the IRIS Carbon information system independently. Furthermore, we are also offering comprehensive technical support throughout the entire process of preparing, validating, and submitting a consolidated annual report in ESEF format.
In-house vs. outsourcing
For smaller companies and companies that are considering changing the status (delisted from the stock exchange very soon) or do not have enough internal human resources, the approach of outsourcing is more appropriate. We at ADD are offering also outsourcing of the beforementioned service of ESEF reporting. Companies that opt for such an approach provide us with a consolidated annual report in a standard format (usually in .pdf, .docx, or .xlsx format) and we at ADD take care that they will receive quality prepared annual financial report in iXBRL form by ESEF guidelines.
The long-term cost aspect speaks in favour of the independent implementation of ESEF reporting. However, in the case of one-time implementation, the option of “Outsourcing” is more favourable for the company since avoids the cost of training and spend less time and effort to prepare an annual report in iXBRL format. At ADD, we offer a customized approach to the ESEF reporting, according to the needs and specifics of your company. We offer our customer option of using tool for iXBRL reporting- IRIS CARBON including full support in local language or outsourcing services. Contact us and we will prepare a customized offer for your company.