DataTracks Enhances Text Block Tagging Interface for ESEF Reporting

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LONDON, Jan. 12, 2023 /PRNewswire/ -- DataTracks, a global leader in disclosure management software and services, has improved its flagship product, Rainbow Software with an enhanced text block tagging interface for ESEF Phase II mandate. The software upgrade will help companies in the European Union prepare annual reports in Inline XBRL (iXBRL) under ESEF, seamlessly integrating appropriate text block tags.

Under the ESEF mandate, EU-listed companies must submit their annual financial statements in the xHTML format. If the company prepares consolidated financial statements in IFRS, the xHTML document must be marked up with XBRL tags (iXBRL). With these constantly evolving regulatory requirements, EU-listed companies are concerned about finding software that enables them to publish compliant iXBRL reports with rich design. DataTracks Rainbow Software is the go-to solution, which automates and prepares compliant financial reports in multiple formats for filing with regulators such as the ESMA.

DataTracks recently updated its Rainbow Software with a significant improvement to text block tagging interface, this improvement includes 'Swift text blog tagging' and 'Upgraded roll forward'.

Swift text block tagging:

The swift text block tagging feature is particularly useful when the disclosure spans multiple pages and selecting the content range becomes challenging. This feature gives users flexibility to allow users to pin the starting and ending positions in the tagging layer, example - one of text block elements must cover all the note disclosures together.

Upgraded Roll Forward:

The upgraded roll forward feature allows users to seamlessly carry over text block tags from one version to another thus saving time and effort in preparing subsequent drafts. This feature is essential to maintaining the rich design layout of annual reports integrity.

Pramodh S, VP Product Design, DataTracks, said, "We are delighted to roll out the upgraded text block tagging interface ahead of the second phase of the ESEF mandate. The upgraded interface will provide a smooth process for our customers, as the number of text blocks is relatively high (up to 100%) compared to other regulations like SEC in the US. Thanks to our customers & partners for their valuable feedback during the development process. Our engineering team have translated the feedback and implemented them in the product, for a timely launch, despite the complexities involved in rich design layout and the number of pages in annual reports."

DataTracks also offers a wide range of robust and dependable regulatory solutions, including AIFMD, CRD IV, Solvency II, MIFID II, and FATCA, to help European companies meet their compliance requirements.

About DataTracks

With 18 years of experience, DataTracks has provided fully-assisted services to companies around the world in converting their financial statements to XBRL, iXBRL, HTML, and XML formats. The company's regulatory compliance solutions and services have served more than 21,500+ businesses across 26 countries, preparing over 325,000 compliance reports for filing with regulators worldwide.

The experts at DataTracks have excellent knowledge of the ESEF taxonomy, making them an ideal vendor for error-free ESEF filing. Whether you choose DataTracks' software or services, you get a trusted vendor for your filing needs. For more information, visit https://www.datatracks.com/eu/.

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SOURCE DataTracks