Financial disclosure is a definition for presenting financial statements and providing explanatory information in the form of annexes thereto, which concerns the financial position and results of enterprises' operations, according to the applicable financial reporting standards.
Disclosure management tools are software solutions that manage the processes of creating annual financial statements.
This type of system covers the entire process of creating annual financial statements – from importing data from an ERP tool, consolidation software, MS Excel files, CSV files, or other data sources, to the preparation of a final statement in the required format.
Disclosure management tools may have built-in functionality to convert consolidated financial statements into machine-readable XBRL format so that documents comply with the newly introduced European Single Electronic Format (ESEF) and the International Financial Reporting Standards (IFRS).
Disclosure management tools facilitate the work of all enterprises, which are obliged to report their financial results to regulatory authorities and other institutions, such as banking and regulatory institutions, auditors and insurers, holding companies, and others.
Disclosure management platforms support the work of companies that create additional reports for internal purposes or external users related to business sustainability, financial planning on a monthly basis, and various management reports.
Software solutions of this type are an indispensable tool for preparing financial statements, which ensures their compatibility with the new ESEF reporting format.
As required by the European Securities and Markets Authority (ESMA), as of 01.01.2020, the annual financial statements of issuers whose securities are admitted to trading on a regulated market must be prepared and submitted in XHTML format. If the annual financial statements contain consolidated financial statements, they must be integrated into the HTML documents using the iXBRL (inline eXtensible Business Reporting Language) marking mechanism.
Balkan Services is an official partner of LucaNet – a German software company that develops and offers software solutions in the field of taxation, controlling, and accounting, aimed at international companies in the EU. Our company offers four of AMANA's software tools, part of LucaNet Group – LucaNet Disclosure Management, LucaNet XBRL Tagger, XBRL Auditor and XBRL Portal and has implemented projects in Bulgaria, Greece, Romania, and Cyprus.
Balkan Services' consultants have long-term experience and expertise in the field of finance and the implementation of financial reporting software.
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