05 May BLock Tagging White Paper
ESEF block tagging is a digital reporting format that utilises XBRL to make financial data more accessible and comparable across markets and countries. It requires particular XBRL tags from the ESEF taxonomy to mark-up certain sections of financial statements notes based on the International Financial Reporting Standards (IFRS). This requirement applies to publicly traded companies submitting financial statements to the UK and EU for financial years beginning on or after January 1, 2022.
Block tagging tags every piece of information in a disclosure as a single fact, regardless of whether it is made up of text, numbers, tables, or other types of data. The European Securities and Markets Authority (ESMA) advises multi-level tagging to enable a more accurate and uniform portrayal of disclosures in the report. Preparers can express both the specific and broad features of the information/data, as well as how they are connected, using tags with differing degrees of specificity.
The goal of ESEF block tagging is to increase the usability and transparency of financial data and enable automatic financial data analysis and comparison across many businesses and industries. However, tagging ESEF blocks can be challenging due to technical concerns and the need to coordinate with auditors and other stakeholders.
1StopXBRLis a global supplier of financial compliance solutions that can handle the ESEF tagging for you. We offer a straightforward and secure portal into our workflow system, quality control procedures, and technology to ensure compliance. We also provide access to our ServiceTrack iXBRL control system, which monitors compliance workflow and keeps a complete audit trail of all drafts and changes.
By outsourcing ESEF tagging to 1StopXBRL, companies can save time and money and benefit from our knowledge and experience in accounts conversion and regulatory compliance. Organisations can also benefit from our 24/7 service to handle any last-minute urgent jobs with the highest quality and fastest turnaround times in the industry.