We love annual reports at Oxenstierna & Partners. Since the company was founded in 2006, we have produced more than 150 such reports together with our customers. Several of the reports have won awards.
A good annual report can serve as the company’s CV and provides an easily comprehensible picture of the business. The key messages can then form the basis for communication in other channels.
The annual reporting process involves craftsmanship – and is always beneficial for the company. The process forces the company to give careful thought to its business operations every year, as well as where it is heading and how it should achieve its goals. It often provides insights that can improve the business.
As of 1 January , 2020, new EU rules apply to annual reports.
ESEF is the new format that will affect all companies listed on regulated markets. The annual reports submitted to Finansinspektionen (the Swedish financial supervisory authority) and Bolagsverket (the Swedish Companies Registration Office) – often in PDF format – must now be created in new file formats (iXBRL/XHTML) with increased data.
Consequently, companies are required to have access to software that can handle this data. ESEF means that consolidated financial statements must be "tagged" digitally with XBRL tags according to a predetermined taxonomy. The software puts a virtual tag on the financial information so that authorities can identify and automate, for instance, translations. The tagging can be done by either the companies themselves or externally by consultants. Special tools (software) are needed to create the new file format (iXBRL/XHTML).
Oxenstierna & Partners are independent and have regular contact with software suppliers. We are up to speed with the very latest, meaning that we can recommend the software solution that best suits your organisation and annual report.
Don’t hesitate to contact us now if you have questions about ESEF and how to future-proof your annual report!