Digital reporting quality is under scrutiny.
Jon Rowden (Reportl Regulatory Specialist), sits down with Louise Coen (Reportl Customer Success Manager), to discuss the growing regulatory focus on the quality of digital reporting by listed companies and what they can do to stay ahead of evolving demands.
Author: Jon Rowden
Author: Louise Coen
Getting Reporting Controls Right
Four years into the European Single Electronic Format (ESEF) requirement, regulators are increasing their attention on quality. The Financial Reporting Council (FRC) has already signalled it will be writing to issuers to ask for explanations when problems are identified in their digital filings.
So what does this mean for listed companies?
As Jon explains, the effect of this increased regulatory scrutiny on the digital report ultimately comes down to controls:
Have the right controls been designed to address material risks?
Are those controls operating effectively?
Is there sufficient time in the process to ensure quality?
Stronger Controls, Smarter Reporting.
Time, Jon stresses, is a critical ingredient. Many companies find themselves digitising after the annual report is finished, working from a PDF as the starting point. This approach significantly reduces the time available to apply and test controls, at the time when reporting teams are already under the most pressure to deliver.
That’s where Reportl comes in. Unlike PDF-led processes, Reportl enables reports to be built in a digital-first environment where tagging models are built at the same time as content, not at the end of the process. This process integration means that the structural “skeleton” of the annual report can be created well ahead of year-end, with XBRL tags and controls applied earlier and managed throughout, not compressed into a final stage task that is “bolted-on”.
Common problems highlighted by the FRC can therefore be addressed in plenty of time before the final reporting crunch.
Reportl provides a simpler, more manageable path to high-quality AI-friendly digital reporting. It also provides multi-format outputs and high-end design capabilities enabling the reporting agency to replace outdated print-first processes and software.
Hear Jon’s insights on how companies can take control of their digital reporting process.
For more information on reporting controls please contact the Reportl support team.
