Subject(s):
ESEF

5 advantages of digital first reporting for ESEF-reports

Published on:
by:
Jurriaan Wentink (Specialist Digital Reporting)

Imagine a world where you carry each device separately: a phone for calling, a camera for taking photos, a GPS for navigation, and a music player for your favorite tunes... With smartphones, the convenience of having all these features in one device has become completely normal.

Fortunately, this convenience is becoming increasingly standard in the realm of ESEF reporting as well. Discover the solution where all functions come together. Discover the advantages of digital first reporting.

1. You are fully in control

You probably recognise this process:

  1. You write the report in Word and add the Excel tables.
  2. Then, you send it to a designer who makes up the report in InDesign.
  3. An export of the formatted report is sent to an external agency for adding ESEF tagging.
  4. You receive an iXBRL file in return.

With digital first reporting, you are independent of external parties and systems. This makes the entire process faster and cheaper. You work in just one environment and have full control over the entire report.

2. Direct tagging saves time and prevents unnecessary errors

In an online report, you add the correct tags directly. You don't have to wait until the report is completely finished and approved. And have you placed a wrong tag somewhere or do you find another error? You can immediately correct it yourself.

3. Comply with digital accessibility legislation

Organisations required to report according to ESEF standards often also need to comply with the WCAG. With an online report, you also make your report more easily accessible to users with visual impairments.

4. Better user experience for your stakeholders

Have you ever read a PDF version of an annual report on your phone? It's not the best experience ever. With an online report, you provide your readers with the best user experience on all mobile devices.

5. Quickly adapt to changing regulations

In the financial world, one thing is certain: regulations keep changing. Think of changes in tagging, content, and structure of your report.
There is already talk of a future requirement to submit 'autonomously readable' iXBRL files1. These are files that can be easily read without auxiliary software. This can't be achieved by converting a PDF to an iXBRL file; a digital report is needed for this.
In short: with an online report, you remain flexible and can easily adapt to future changes.

So what are you waiting for?

Just as smartphones have made our lives much easier, digital reporting significantly simplifies the creation of an ESEF report. You are no longer dependent on separate systems for different tasks. With digital reporting, you have an all-in-one solution that offers time savings and cost reduction. You can more easily meet legal requirements. And you serve your stakeholders better with a document that is pleasant to read.

1Source: Webinar ESEF 2023, by XBRL Netherlands