DataTracks, a global disclosure management software and services provider, has improved its flagship product, Rainbow Software, with an enhanced text block tagging interface for the 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 the 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 the flexibility to allow users to pin the starting and ending positions in the tagging layer, for example – one of the 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.”
