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Assistance in the implementation of electronic reporting in iXBRL and XBRL format

The formats of financial statements in Europe are evolving. The annual accounts of listed companies must use the iXBRL. This presentation allows easier production of financial information as well as better comparability.

What are the challenges for companies vis-à-vis the iXBRL?

The finance and IT departments are responsible for this transition to iXBRL reporting and will be confronted with

Skills

Employees must master financial skills and the IT dimension: iXBRL, XHTML,...

Planning

The European institutions and the supervisory bodies have defined a strict schedule which must be kept by the companies concerned.

Decide

The managers of the entities concerned by the transmission of financial statements in iXBRL format must decide to comply with the proposed framework or carry out "extensions".

What are our iXBRL / XHTML project assistance services?

Assistance in project management on the implementation of electronic reporting:

Define a schedule

We help you to set up a schedule for all the tasks to which we are subject.

Structure the file

We help you prepare structured files with the essential elements.

Monitoring

We offer a follow-up list to ensure that all points have been addressed.

Coach

We support you and your employees in the various procedures requested by the Réviseurs d'Entreprises.

Management of the iXBRL project in companies

The project to switch to the presentation of the financial statements according to the iXBRL standard must be broken down into six distinct phases to allow its smooth progress:

Phase 1 - Configuration

This involves recovering the annual accounts as well as the appendices, constituting the team and clarifying the roles, including in terms of decision-making and arbitration. The company must choose the appropriate tools to be able to produce and publish this information.

Phase 2 - Account mapping

This involves making a first reconciliation based on historical data and opening data in order to reconcile each account with the pre-established accounts.

Phase 3 - Taxonomy

The definitions of each field are communicated by ESMA. Companies must ensure that the data communicated correspond to the definitions as communicated in the ESEF guide published by ESMA.These data are regularly updated. The companies concerned must carry out regular monitoring.

Phase 4 - Tagging

Each account is linked to a tag that will allow you to quickly retrieve and analyze the financial information it contains with integrated criteria.The company will have to define its own tags if it considers that the default tags do not meet its needs for the publication of financial information.

Phase 5 - Review by management and auditors

The work carried out will have an impact on the communication of financial information and the structure of the annual accounts as a whole. This information must be reviewed and validated by the management bodies of the company and by his / her Statutory Auditors / Auditors.

Phase 6 - Production

The team in charge of the project must ensure that the publication of documents in iXBRL corresponds to the restitution in xHTML format.