In the ever-evolving landscape of financial reporting, embracing digitalisation and ensuring regulatory compliance regulations have become crucial for auditors, regulators, listed companies and software providers. Since the introduction of the ESEF format (European SingleElectronic Format), Corporatings has played a pivotal role in facilitating access to electronic data: its unique database of XBRL published data ensure that stakeholders can easily access this treasure trove of information.

With its suite of powerful data analysis tools, Corporatings empowers users to dive deep into financial information. What sets Prism by Corporatings apart is its unwavering commitment to data quality. The database employs stringent quality controls, a feature highly valued and utilised by all for verifying data. In addition to quality controls, Corporatings offers data analysis tools, enabling quantitative analysis and semantic text searches within annexes. Today, we zoom on a specific practice that sets Prism by Corporatings apart: comparison feature.

For who?

Prism caters to a diverse audience, including auditors, regulators, listed companies, XBRL software publishers, and communication or design agencies. Each type of user faces unique pre-publication challenges, but they all share a common goal: to master ESEF reporting and enhance data quality.

Auditors and regulators are entrusted with the critical task of checking the compliance of ESEF reports before publication. They meticulously check and validate, or not, data quality and adherence to regulations. Prism's comparison feature, empower auditors and regulators to streamline their review processes, identify anomalies, and provide better recommandations for data quality improvement.

Listed companies grapple with the daunting task of preparing ESEF-compliant reports while striving to improve their own data’s accuracy and, above all, their financial communication. Prism assists them in achieving these objectives by simplifying the tagging process and controls, thus improving the quality of their publications while reducing the time spent on ESEF publication process. Additionally, users are able to compare their taxonomy packages and benchmark data against industry peers, which is key to reducing risk and approaching their communication choices on a more strategic level.

XBRL software publishers and communication or design agencies aim to offer the best possible experience to their clients during the publication process. However, electronic publications often introduce errors that have an impact on readability and therefore frustrate readers or end users. Prism addresses this challenge by enabling these users to spend less time on ESEF-related issues, enhance the quality of their publications, and ultimately improve their service quality.

A closer look at Prism’s comparison feature

Catherine Raphael, Group Director of Consolidation at Unibail-Rodamco-Westfield (URW), attests to the impact Prism has had on their ESEF reporting process: "Prism was a major asset for us throughout the tagging process and the preparation of the electronic file. We made extensive use of the comparison functionality, which enabled us to easily compare the document with the previous year’s version, as well as successive versions.”

Indeed, one of Prism’s standout functionality is its robust comparison features, which play a pivotal role in mastering the ESEF reporting process:

• Comparing this year’s report with the previous year’s: Prism allows users to easily track changes between the current year's data and the previous year's report. This is crucial for understanding how the issuer’s tagging and taxonomy have evolved over time, as well as to avoid filing mistakes. For instance, we noticed that from 2022 to 2023, many reports contained errors that weren’t here the previous year. Many of these errors could have been prevented by taking a closer look at the changes from one year’s report tothe next.

• Comparing different versions of this year’s report: Prism facilitates the comparison of current versions within the same year. This feature is an invaluable time-saver when it comes to monitoring updates and addressing feedback from auditors and service providers.

‍

Below is an example of Prism's analysis, which highlights changes between two loaded taxonomy packages :

• Comparing data with competing peers’: Users can also compare their data with that of competing peers, their taxonomy package versus a public package of a peer, providing valuable insights into industry best practices. Benchmarking peers’ ESEF practices is indeed the best way to ensure visibility among investors’ analysis.
  ‍

For more practical applications, users can refer to the 2023 ESEF Observatory, which offers real-world scenarios and examples, as well as testimonies from various financial experts who deal with ESEF disclosures on a daily basis.

Beyond compliance

Comparing data is only a portion of what Prism can do. Through its many dedicated features, the solution helps guide auditors, regulators, listed companies, software publishers, and communication agencies towards optimised and reliable ESEF reporting.

As URW’s Catherine Raphael puts it, Prism is not just a tool for compliance; it's a catalyst for operational efficiency and enhanced reliability: “With its dedicated features, a tool such as Prism is now essential in our electronic file preparation process, and in the way we communicate with our service providers and auditors. It allows us to save time in conducting our controls and goes beyond mere regulatory compliance. Being able to compare our publications, especially with other industry players, brings real added value.“

Prism by Corporatings is more than just a tool; it's your partner in unlocking the full potential of electronic financial reporting. Request a demo today and experience firsthand how it can elevate your ESEF reporting, ensuring accuracy, reliability, and compliance while fostering a deeper understanding of your financial data!

👉 Book now your free demo of Prism by Corporatings.