Using AI to generate ESEF iXBRL annual report
AMANA’s new XBRL Tagger generates “European Single Electronic Format” (ESEF) instantly and eases the transition from “paper to electronic media”.
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Turn the challenge into an easy process: When the analog world of annual reports comes to an end in 2020 (more information), you can create ESEF-compliant reports instantly with the help of our AMANA XBRL Tagger. Our XBRL Tagger allows you to assign end-of-year figures without any specific IT expertise automatically, or with just one click on your mouse, to the relevant ESEF or IFRS items in your taxonomy. Figures may be assigned directly in any MS-Word, PDF, HTML or InDesign document. The mapping created in this way can then be used for all subsequent reports.
50% of DAX-listed organisations rely on AMANA’s solution for generating integrated annual reports
AMANA’s SmartNotes is a reliable XBRL reports solution which multiple major organisations have been relying on for years. The integrated XBRL function is used successfully by US-listed enterprises to file XBRL reports with the Securities and Exchange Commission. For example, Deutsche Bank provides XBRL reports along with their conventional reports in PDF. A high degree of automation and the deep integration of XBRL in SmartNotes allows XBRL reports to be published on the same day as the “ready-for-press” report (more information on SmartNotes) - also referred to as a “built-in” solution.
Of course, it is also possible to convert an existing annual report into ESEF, using the so-called “bolt-on” approach, which allows the existing process to be continued as it stands. An existing annual report in Word, PDF or InDesign is subsequently “tagged”, i.e. issued with XBRL tags and converted.
AMANA’s XBRL Tagger automates this tagging process as far as possible and supports filers using real artificial intelligence to perform the tagging process based on existing XBRL reports. The resulting iXBRL reports may be published directly on the website as online reports. The XBRL Tagger adopts the design of the original file without modifications.
The XBRL Tagger is easy to use without any IT expertise and installation.
Should it be impossible to assign a specific position in the report to an element of the IFRS taxonomy, a “taxonomy extension” has to be created within the framework of ESEF. Taxonomy extensions include a large number of XBRL-specific details and constraints. The creation of such extension taxonomies is embedded in the XBRL Tagger’s tagging process. Taxonomies are created automatically during the generation of the final document so that accounting department staff are able to concentrate on their core responsibilities without being side-tracked by cryptic XBRL details. Anchoring is also only a mouse click away – and taxonomy extension can easily be anchored to an IFRS position by means of drag & drop.
Of course, AMANA’s XBRL Tagger is also certified for XBRL generation – the certificate guarantees the generation of accurate and valid XBRL reports at all times. XBRL International ensures this by submitting it to frequent tests and annual external assessments.
The XBRL Tagger is available today, we will be delighted to personally present the solution to you. AMANA also provides a free test version without obligation.
Contact:
Richard Bössen, +49 201 94 62 28 75, richard.boessen@amana.de
Janis Reichardt, +49 152 09346 833, janis.reichardt@amana.de