When Talentia decided to work with UBPartner to build a simple solution for ESEF reporting, it combined leading XBRL expertise with one of the best financial consolidation systems. The result was three words: 'ESEF made simple'.
PARIS, October 20, 2021 (Newswire.com) - Talentia, a leading software supplier of Human Capital and Financial Performance Management (www.talentia-software.com), selects UBPartner (www.ubpartner.com), a leading XBRL software developer, to deliver a simple solution to help listed companies report under the European Single Electronic Format (ESEF) framework.
ESEF reporting requires that all European listed companies publish their annual report in a fully digital format, Inline XBRL ('iXBRL'). This means that Financial reports will be able to be read as an HTML document via any web browser, while the XBRL 'tags' enable investors and analysts to extract the key data to other computer applications and review it in detail.
Using XBRL also enables finance departments to automate the embedding of their key financial statements in the Annual return and keeping these up to date throughout the editing and review process, plus enables full validation of the data against the IFRS model defined in the ESEF XBRL taxonomy before publication.
Modernizing the way companies report financial information
Talentia's goal was to provide a solution that made ESEF reporting and the XBRL requirements as simple as possible for the different players involved in the generation and publication of an Annual Report, i.e., board members, finance department, marketing/media designers and auditors.
"The solution had to fit with our current system and processes. Most of our customers prepare their Annual Reports in Microsoft Word, integrated within the Talentia CPM solution, so the XBRL software had to be fully integrated. It also had to be flexible to the changing requirements and had to deliver 100% correct ESEF reports. We selected UBPartner for their expertise and deep understanding of XBRL systems. Completing our existing CPM expertise, we have delivered a best in class & collaborative ESEF solution," commented Béatrice Piquer, Chief Marketing Officer of Talentia.
"When we met Talentia, we quickly realised that we shared a common vision to make XBRL reporting a simple process for companies. We are very proud to have been chosen by Talentia to help them develop their ESEF reporting solution and making it simple and easy to use. Both companies worked hard to make it happen, developing a new Word Conversion process that maintains the XBRL tags throughout the process. This provides users with familiar and easy-to-use tools to build content and check results," said Roger Haddad, President at UBPartner.
Simple, yet flexible ESEF reporting software
Talentia's ESEF solution allows Users to generate their XBRL report model and ESEF extension taxonomy using another familiar environment, Excel. The ESEF tools use an expert system to help guide the user through the process and ensure that a 100% compliant taxonomy and reporting model is created. The final document is converted to inline XBRL and fully validated against the ESEF filing rules.
"UBPartner convinced us that we needed to build our ESEF solution on a solid foundation, one that allows the data to be validated at each step of the process. This approach enables the financial department to start testing as soon as it wants and to continue to improve it throughout the year so that when the final statements are ready, the XBRL report model is ready and tested," added Béatrice Piquer, Chief Marketing Officer of Talentia.
About ESEF (European Single Electronic Format)
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. For further information, visit https://www.ubpartner.com/eurofiling/#fndtn-esma
About XBRL (eXtensible Business Reporting Language)
XBRL is fast becoming the market standard for financial information exchange and reporting. Leading organizations such as the European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA), and numerous government agencies are driving XBRL programs. The XBRL standard is maintained by XBRL International: www.xbrl.org.
Talentia, a trusted partner to make HR & Finance Complexity easier thanks to HR and Finance software fitted to mid-size companies' complexity. There are 430 employees, 3,600 customers and offices in 9 countries. Our best-in-class HR and Finance software is perfectly suited to the needs of CHROs and CFOs managing mid-size companies' financial needs. We allow them to reach their business goals and become a strategic player in their company.
For further information, visit www.talentia-software.com
Talentia's CPM solution: https://www.talentia-software.com/en/financial-suite/talentia-cpm-corporate-performance-management
UBPartner is a privately-owned company with headquarters in Paris and offices in London. It provides a full suite of solutions and services that enable companies and regulatory agencies to realize the benefits of XBRL.
For further information, visit www.ubpartner.com
UBPartner's ESEF solution: https://www.ubpartner.com/esma-esef
For further information contact:
Béatrice Piquer, Chief Marketing Officer of Talentia: firstname.lastname@example.org
Martin DeVille, VP Business Development: email@example.com