Companies listed on stock exchanges in European Union countries must prepare annual financial statements for 2020 in ESEF (European Single Electronic Format). In order to prepare the report properly, an appropriate IT tool is necessary. Comarch has already introduced a dedicated application to its offer – Comarch ESEF.
Several companies listed on the Warsaw Stock Exchange have already decided to purchase Comarch ESEF. These businesses include Apator (manufacturer of electrical and measuring equipment), Erbud SA (Polish construction group), Unimot SA (importer of liquid and gas fuels), Vigo System (manufacturer of uncooled infrared detectors), and X-Trade Brokers Brokerage House.
Currently, the system is available in a cloud version. A demo, which includes most of the functionalities necessary to prepare reports, can be found on the ESEF reporting page prepared by Comarch employees. The fixed version will be released in mid-July this year.
The ESEF Comarch application enables the creation of financial statements in compliance with ESEF guidelines. Users can import data into the system from previously prepared documents saved in DOCX format. From the moment of importing a report, all activities related to the report preparation can be performed directly from the application level. The system enables data and tagging editing, as well as financial report management on all levels.
The software has a built-in set of the latest ESEF taxonomy tags, a glossary of terms used to mark data in XBRL reports. They can be assigned to data in the financial statements, and the glossary itself can be easily supplemented with new extensions. Additionally, the report can be searched in an intuitive way using the taxonomy tree. Once marked, data can be transferred to documents prepared in subsequent years.
- We treat the new regulations on periodic reports not only as an obligation. We want to give our investors and partners reports in a uniform European format of the highest quality. We believe that Comarch, also listed on the WSE (Warsaw Stock Exchange), can guarantee that. Additionally, the Comarch ESEF application has a clear interface and intuitive menu. Another important factor in the selection of a supplier for an ESEF reporting tool was the fact that the work on the application also involved accounting, reporting and controlling practitioners from Comarch. - says Maria Karbowiak, financial controller and analyst at Unimot SA.
The Comarch tool currently has many useful features, and the application itself is available through a web browser. In this way, individuals in the financial reporting department have rapid and, most importantly, secure access to the reporting data without having to install software on every device.
- The current version of the application allows you to export the report to XHTML format. Such a document, including the consolidated financial statements of the Comarch Capital Group for 2019, has already been prepared by the Comarch financial reporting team using Comarch ESEF software – points out Paweł Krupa, product manager of Comarch ERP systems.
The Comarch ESEF application is constantly being developed and updated. The team of system designers ensures that the software is up to date and in compliance with the current ESEF regulations. In addition, our experts add new functionalities by releasing new versions of the tool every two to three weeks. In subsequent updates, new options will appear, including: increasing the editing capabilities (including visual changes in the report), filling in data in the application with the help of a spreadsheet, validating reports in the application, and allowing many users to work on a report.