Italy introduces testing option for ESEF filings
It is now possible for Italian filers to test financial statements in the Inline XBRL-based European Single Electronic Format (ESEF), thanks to a new online function on the website of the Italian Business Register (Registro delle Imprese). This allows companies to check for and correct any data quality issues before submitting to the Officially Appointed Mechanisms (OAMs). OAMs are the national databases for ESEF filings, and in Italy these are two private entities, 1Info and eMarket Storage.
The test function is the result of a collaborative effort between XBRL Italy, the OAMs, Unioncamere and Infocamere (the union and IT company for chambers of commerce), and software companies, with the participation of the supervisory authorities. We are delighted to see this come to fruition, since the ability to test filings prior to submission is a hugely important contributor to ESEF data quality – as well as making the process easier and less stressful for issuers. Once again we say bravo to our Italian colleagues for their collaboration and innovation in advancing digital filing!
Read more here.