ESEF text block tagging
In the last two years, all companies with ESEF obligations only had to tag their „primary financial statements“. Yet following the current changes, the reporting entities will have to comply with new requirements for fiscal years starting January 1, 2022.
Recently ESMA published the new guidance on ESEF with a lot of important changes. This year ESMA has worked closely with the community and made some much-requested improvements and clarifications to the manual. The big topic of the upcoming reporting period is of course text block tagging. New sections in the manual clarify the scope and intent, as well as the technical challenges involved in this requirement.
As always it is paramount to start early in the season and prepare the first tagging well in advance. With our new version of XBRL Tagger you can start tagging already now and be prepared for the next ESEF season. Completing the text block tagging early, will allow you to have a dry run to analyse the effects on your financial close.
Our tip: We recommend that you involve your auditor in this exercise at a very early stage to prevent any surprises later. It may also be important to get all the other stakeholders involved, too: Accounting, Investors Relations, Design Agency and Service Provider.
ESEF text block tagging with the AMANA XBRL Tagger
Be prepared to tackle the new challenges of text block tagging with our certified XBRL Tagger:
- Nested tagging and multi-tagging of text block tags
- Persisting text block tags through different iterations of a PDF document
- Editing already tagged text block areas
- Using the mapping clipboard to transfer and restore tags
- Auto-detection of tables in PDF
- Auto-tagging of text blocks that have been prepared in Word documents
Keep in mind, when you create a new PDF version of your report you want to make sure that you do not have to start all over with the tagging. If you create a new PDF, the comments that you may have made to the old PDF are not automatically rolled forward. We recommend that you tagging an early version of your PDF document, and add changes to it as you share the iterations of your text block tagging with auditors and other stakeholders. The AMANA XBRL Tagger will enable you to retain the text block tags through multiple iterations of the same PDF document as needed.