ESEF, i.e. the European Single Electronic Format, is a requirement for the form in which annual financial statements of companies listed on EU regulated markets are prepared. The requirement applies to all issuers from the European Union whose securities have been admitted to trading on a regulated market in the territory of the EU - in Poland these are companies from the main market of the Warsaw Stock Exchange.
The Comarch ESEF application is a tool for generating financial reports in accordance with the latest requirements.
The introduction of the European Single Electronic Format gives a number of multidimensional benefits which are based mainly on increasing the comparability and usefulness of financial information.
The most important benefits are related to the reduction of the number of errors in the reported data, and in the longer term, the possibility of analyzing financial data of other companies in order to use them for internal purposes.
This group will gain access to structured information - i.e. the ability to quickly, comprehensively process the most important financial information. This is extremely important from the point of view of the art of financial analysis (investors will be able to devote most of their time to the analysis itself, not to data collection).
When creating a report in the XBRL format, a number of validators are provided that inform about errors or comments on an ongoing basis. Greater transparency of data and the ability to quickly analyze not only individual companies, but also the entire capital market. Unification of the structure of preparing financial statements by WSE companies will result in greater certainty as to the correctness of data.
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