DataTracks Introduces Smart Roll Forward for ESEF Reporting Solution

April 14, 2023
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DataTracks, a global compliance leader in financial reporting, has launched an updated ESEF solution with the groundbreaking ‘Smart Roll Forward’ functionality. This new feature addition to DataTracks’ ESEF Reporting solution will help listed companies in the European Union and the UK make rush changes in the annual reports closer to the filing deadlines.

Phase II of the ESMA ESEF mandate requires companies in EU-regulated markets to tag their financial statement disclosures and block tag notes to financial statements in iXBRL format. These constantly evolving compliance requirements leave companies worrying about making several eleventh-hour edits in their ESEF reports, but not anymore. With the latest Smart Roll Forward (SRF) update, DataTracks offers a solution that covers last-minute changes without any hassles.

Smart Roll Forward:

Smart Roll Forward is the latest feature added to DataTracks’ ESEF Reporting solution and complements Rainbow software. This easy-to-use functionality allows users to transfer tags including text blocks from one document version to another with a remarkable success rate of 98%. This results in a significant reduction in processing time of each draft version, consistency in iXBRL tags across different versions of the document and ability to process as many draft versions as desired by clients.

SRF enables users to easily transfer the tags even if the Annual Report content is modified and moved to different 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. The best part is that this option automatically excludes similar content (Headers and Footers) across multiple pages by remembering the user’s previous choices.

Some other advantages of using SRF feature include the following:

  • Needless to review the entire document in the last minute.
  • Improves efficiency in the ESEF reporting process.
  • Reduces the chances of omissions and errors in the final report.

Pramodh Vittal, Vice President for Product Design, DataTracks, said, “We are excited to announce the launch of our updated ESEF solution, complete with the game-changing 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.”

About DataTracks

For 18 years, DataTracks has successfully provided compliance reporting products and services to companies worldwide. The experts at DataTracks help companies convert their financial statements to XBRL, iXBRL, HTML, xHTML, and XML formats. They also offer various other regulatory solutions, such as AIFMD, FATCA, Solvency II, CRD IV, and MiFID II to help EU-listed companies meet compliance requirements with regulators like ESMA, EIOPA, EBA, etc.

The professionals at the company are well-versed in the ESEF and UKSEF taxonomies. With experience in preparing over 350,000 compliance reports for over 23,000+ clients in 26 countries, DataTracks is an ideal partner for error-free ESEF reporting. For more information, visit https://www.datatracks.com/eu/.

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