Balkan Services has expanded the portfolio with solutions for disclosure management and ESEF format

Balkan Services has established a new strategic partnership with the German software company AMANA Consulting. As a result of the cooperation, our company has added the disclosure management software SmartNotes to its portfolio, as well as the XBRL Tagger solution for converting consolidated financial statements into the required XBRL format.

Established in 2011, AMANA Consulting develops and offers software solutions in the areas of taxes, controlling and accounting targeted at multinational companies in the EU. As one of the leading suppliers in the DACH region, AMANA has a large number of large clients from the German speaking countries. Furthermore, the company has clients throughout Europe, some of which are Deutsche Bank, KPMG, PWC, Vienna Insurance Group, the Czech National Bank, T-Mobile, Bayer and others.

SmartNotes optimizes the entire process of compiling annual financial statements—from importing data from a consolidation system or external files to preparing a final report in the selected format.

Both AMANA Consulting solutions—XBRL Tagger and SmartNotes, automate the process of preparing annual financial statements in XHTML, iXBRL and XBRL formats, compliant with the European Single Electronic Format (ESEF) and IFRS requirements.

According to the single reporting format introduced by the European Securities and Markets Authority (ESMA), as of 01.01.2020, all public companies in the EU must submit their annual financial statements in XHTML format and the consolidated financial statements, according to the IFRS, contained therein must be created in the machine-readable XBRL format.

The XBRL Tagger solution allows users to convert the report to the required format without the need for a software implementation process or specific technical knowledge. The conversion of any MS Word, PDF, HTML or InDesign document, supports the quick and easy operation of the standalone XBRL Tagger.

Disclosure management solutions greatly facilitate the reporting of companies required to present their financial results to data users. Such companies can be banking and regulatory institutions, audit and insurance companies, holding companies and others.

ESEF—European Single Electronic Format
IFRS—International Financial Reporting Standards
ESMA—European Securities Markets and Authority
iXBRL—inline eXtensible Business Reporting Language