{"id":11968,"date":"2021-05-05T14:44:09","date_gmt":"2021-05-05T12:44:09","guid":{"rendered":"https:\/\/www.qintesi.com\/?post_type=portfolio&p=11968"},"modified":"2022-05-04T17:02:39","modified_gmt":"2022-05-04T15:02:39","slug":"the-new-electronic-report-according-to-the-esef-regulations","status":"publish","type":"portfolio","link":"https:\/\/www.qintesi.com\/en\/portfolio\/the-new-electronic-report-according-to-the-esef-regulations\/","title":{"rendered":"The new electronic report according to the ESEF regulations"},"content":{"rendered":"
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Challenge<\/h4>

Qintesi supported an important customer in the Engineering & Construction sector to comply with the new\u00a0European legislation (directive 2013\/50 \/ EU)<\/strong>\u00a0which requires all European listed companies to prepare, starting from financial years from January 1st 2020, Consolidated Financial Reports in a single electronic format.<\/p>

This format was defined by ESMA (European Securities and Market Authority) and is called\u00a0ESEF (European Single Electronic Format)<\/strong>. Electronic financial statements are defined since this format is a combination of the xHTML language (which allows the presentation of the financial report as a normal web page that can be read by users) and the XBRL (eXtensible Business Reporting Language) tags which allow accessibility to IT tools, analysis and comparability of consolidated financial statements.<\/p>

\u00a0<\/h4>

Solution<\/h4>

To meet this regulatory requirement, the\u00a0SAP Disclosure Management<\/strong>\u00a0tool was used, which allowed compliance with the new ESEF regulations and, at the same time, had a limited impact on users\u2019 operations.<\/p>

With this solution, users had the opportunity to\u00a0work collaboratively<\/strong>, each giving their own contribution in the preparation of the financial report for the part of their competence. Furthermore, users continued to use Office tools (such as word and excel) with which they were already familiar. This allowed for easy adoption by all users.<\/p>

Standard DM capabilities enabled a version system to meet\u00a0audit requirements<\/strong>, make\u00a0version comparisons<\/strong>, and roll back to the correct version in case of errors. The adoption of the ESEF regulation was made possible through the implementation of the basic taxonomy (already present in SAP DM) which was extended for all the specific needs of the customer.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Results<\/span>\n<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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  • \n\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t<\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\tAvailability of a system compliant with the new ESEF regulations for the annual financial statements and for interim closings<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t
  • \n\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t<\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\tCollaborative management of the drafting of the Financial Report<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t
  • \n\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t<\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\tCreation of an approval workflow during the drafting of the individual chapters of the Financial Report<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t
  • \n\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t<\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\tAdoption of a traceable document system with a punctual control of all the revisions made<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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    Statement<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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    The implementation of SAP DM made it possible to comply with the new ESEF regulations and, at the same time, improved the process of drafting the Financial Report. At a central level, in fact, it is now possible to monitor the progress of the drafting and trace all the activities, also for the benefit of the audit.<\/div>\n\t\t\t\n\t\t\t\t\t\t
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    Matteo Ferrari<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t
    Client Account Executive - Qintesi<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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    Le informazioni contenute in questo documento sono di propriet\u00e0.
    Copyright \u00a9 2014 Qintesi S.p.A. Tutti i diritti riservati.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>","protected":false},"excerpt":{"rendered":"

    Challenge Qintesi supported an important customer in the Engineering & Construction sector to comply with the new\u00a0European legislation (directive 2013\/50 \/ EU)\u00a0which requires all European listed companies to prepare, starting from financial years from January 1st 2020, Consolidated Financial Reports in a single electronic format. This format was defined by ESMA (European Securities and Market […]<\/p>","protected":false},"author":3,"featured_media":20229,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","format":"standard","meta":{"_vp_format_video_url":"","_vp_image_focal_point":[],"footnotes":""},"portfolio_category":[],"portfolio_tag":[],"servizi-offerti":[808],"moduli_implementati":[412],"settore":[828],"class_list":["post-11968","portfolio","type-portfolio","status-publish","format-standard","has-post-thumbnail","hentry","servizi-offerti-digital-transformation","moduli_implementati-sap-dm-en","settore-engineering-construction-industrial-components-en"],"yoast_head":"\nThe new electronic report according to the ESEF regulations - Qintesi<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.qintesi.com\/en\/portfolio\/the-new-electronic-report-according-to-the-esef-regulations\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The new electronic report according to the ESEF regulations - Qintesi\" \/>\n<meta property=\"og:description\" content=\"Challenge Qintesi supported an important customer in the Engineering & Construction sector to comply with the new\u00a0European legislation (directive 2013\/50 \/ EU)\u00a0which requires all European listed companies to prepare, starting from financial years from January 1st 2020, Consolidated Financial Reports in a single electronic format. 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