Live from der firesys Business Conference <digital week>

On Wednesday afternoon, at the halfway point of our <digital week>, we can state that we got off to a brilliant start with Ranga Yogeshwar on the screens and fully met the demands of our customers with the selection of topics Sustainability Reporting and ESEF Reporting.

To date, we count several hundred participants who got involved in the event in different ways and used the knowledge of the experts to clarify important questions for the near future. At the half-way point, we can already speak of a great success, because with so much encouragement and praise, even a total technical failure could no longer cause a flop. But let's not shout it down.

We hope that you, our guest speakers and we will continue to have an entertaining and interesting event. Tomorrow we will continue with the topic of online reporting. We will keep you up to date.

Digital hurdle race

A turbulent reporting season is coming to an end: The ESEF regulation has put legislators, market regulators, auditors, software providers, submission bodies and consultants across the EU to a tough test. In the following article, firesys GmbH reports from the perspective of a software vendor and service provider on the hurdles that were overcome and how the first reports were successfully published.

Article source: GoingPublic Media AG // Carolin Weipert (firesys), Janosch Wild (firesys) (Article in German)

Top employer 2021 thanks to top team!

FOCUS magazine and Kununu award firesys as Top Employer 2021. Thanks to numerous positive employee reviews, firesys was awarded as "TOP COMPANY" and "OPEN COMPANY". The entire management is proud of these awards and thanks the employees for so much positive feedback. We will do our best to live up to these top awards in 2022 as well.

Read what our employees say here.

DRSC completes CSR study and submits final report to BMJV

The Deutsches Rechnungslegungs Standards Committee (DRSC) has successfully completed its work on the CSR study commissioned by the German Federal Ministry of Justice and Consumer Protection (BMJV). The 144-page final report was submitted to the ministry at the end of January and is now available to the public.

Further information and the complete GASC study can be found here.

Click here for the BMJV press release.

Source: Deutsches Rechnungslegungs Standards Committee e.V. (DRSC)

ESEF - benefits first, reservations second

Published: DRSC – Deutsche Rechnungslegungs Standards Committee e.V. (Quartalsbericht); GoingPublic Media AG

Trend toward further digitization in reporting continues

Capital market-oriented companies in Europe will be required to prepare their annual financial reports in a uniform electronic reporting format (ESEF format) from January 1, 2020. This regulation pursues the goal of simplifying reporting and facilitating the accessibility, analysis and comparability of annual financial reports. From the legislator's perspective, the electronic format for financial reporting is therefore of great benefit to issuers, investors and competent authorities alike.

The draft law (government draft) submitted in this regard by the German government on January 22, 2020 to implement the change in the EU Transparency Directive is currently the subject of intensive discussion.

On the one hand, critical voices can be heard on the user side regarding the implementation effort. The implementation of the ESEF represents a challenge for the companies concerned with regard to the preparation process. According to the government draft, the electronic reproduction in ESEF format prepared for disclosure purposes is subject to the audit of the financial statements. This means that the ESEF format must already be available at the time the audit opinion is issued. For companies, this means a condensation of the preparation process in terms of time.

On the other hand, electronic reporting must be seen as part of the overarching trend towards digitization, which has also found its way into financial reporting. In recent years, for example, there has been a significant decline in the print runs of annual reports. In line with the online-first approach, companies publish their annual reports first and foremost as PDF documents on their websites. In addition, for reasons of sustainability, the once high print runs are being completely dispensed with. This trend also has an impact on the presentation of information in annual reports and the way they communicate with investors. For example, many companies make the most important tables available to their investors as Excel files for downloading. Following this development, the publication of the financial report in a uniform, machine-readable and -evaluable ESEF format represents the next step.

My personal conclusion on the ESEF implementation is therefore twofold: I can well empathize with the concerns of the companies concerned - in view of the regulatory requirements that have to be met. At the same time, however, I also see the opportunities and advantages that this step towards further digitization of financial reporting brings with it. Positive impulses in terms of the standardization of information in the annual financial report and the possibility of immediate further processing of machine-readable information as well as the opportunity to streamline the annual report in the long term are worth mentioning. Initial hurdles with the new reporting format will be overcome.

Diana Kaufhold
The author is the managing director of firesys GmbH. As a software provider, firesys supports - with an ESEF-compliant disclosure management system - more than 150 companies in the preparation of their financial publications. The author gives her personal opinion.