PARIS, July 16, 2020 /PRNewswire/ -- UBPartner
(www.ubpartner.com), a leading XBRL software developer, and
Pomelo-Paradigm (www.pomelo-paradigm.com), an expert in
collaborative document publishing, announced today that they have
partnered to provide a complete solution that listed companies can
adopt to report under the European Single Electronic Format (ESEF)
framework.
Annual reports are typically highly glossy documents presented
in PDF or in print. However, the new ESEF reporting requires that
listed companies publish their annual report in Inline XBRL
('iXBRL'). This modern, digital format enables the annual report to
be read via a standard browser (xHTML) and the data analysed using
the tags (XBRL).
The questions that companies need to ask themselves are:
firstly, 'do investors and analysts want to read their report as a
book in PDF format or in the more dynamic way that can be
presented using xHTML?'. The second question, they must ask
themselves is 'what does it say about the company if the tags are
not correct and the financial statements cannot be automatically
validated to show that the numbers add up'?.
By combining their expertise, Pomelo-Paradigm and UBPartner, aim
to provide an end-end solution for ESEF reporting with no
compromises. A system that lets companies make full use of the new
reporting format and to deliver to investors and analysts the
information in the way they want to digest it.
Pomelo-Paradigm helps companies paint the right picture with
their annual reports
"Pomdoc Pro is a paradigm shift which allows teams to work on
their annual reports collaboratively and directly in the final
layout. It also fully supports XBRL taxonomies and tags. It
takes the company's specific extension taxonomy produced by
UBPartner's XBRL tools and allows them to be used within the Pomdoc
Pro environment," commented Antoine
Fournier at Pomelo-Paradigm. "Once the document is
generated, the UBPartner XBRL software can help validate and review
it."
UBPartner ensures that the tagged financial data is accurate
and consistent
"Data quality is important in the new format as the tagged data
will be used by investors and on third-party websites to compare
and benchmark company data," said Steve
Berdah, UBPartner. "We have built financial and XBRL
expertise into our Taxonomy Builder and tagging tools, plus enable
validation and review at every step of the process. The process can
start as early as possible so that when the final statements are
ready, the XBRL report model is fully tested and can be loaded into
Pomdoc Pro with the other content."
For further information on UBPartner's XT ESEF, contact
info@ubpartner.com.
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. ESMA is responsible for
specifying the European wide regulatory technical standards (RTS)
and National Competent Authorities are expected to collect these in
EU countries.
For further information, visit
www.ubpartner.com/eurofiling/#fndtn-esma
About Pomelo-Paradigm
Pomelo-Paradigm is a privately-owned company with its
headquarters in Versailles. It
provides easy-to-use full web services for teams to create, manage
and edit documents together. Pomdoc Pro is the first on-line SaaS
solution that has everything you need to produce beautiful and
glossy ESEF reports as well as consult, edit and translate
them.
Visit: https://www.pomelo-paradigm.com.
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SOURCE UBPartner