The European Securities and Markets Authority (ESMA) has introduced a European Single Electronic Format (ESEF) that is mandatory for all annual financial reports filed for financial years starting on or after 1st January 2021. Key elements of ESEF include the requirement to file reports in XHTML format and to tag financial data with Inline eXtensible Business Reporting Language (iXBRL), which allows for machine-readability and easy comparison across companies and countries.

Gravity makes it easy to comply with ESEF’s reporting requirements, with the following advanced features:

• Gravity provides a comprehensive document management platform where users can create statements, notes, charts & graphs and much more – all within a collaborative and highly secure environment.
• Gravity’s multidimensional financial data model (MDFM) provides a single repository for all source data, financial adjustments, calculations and rollup structures. Furthermore, once the GL is loaded into Gravity all of the accounts are automatically linked based on predefined rules. As a result, no manual linking is required!
• Gravity also supports automatic financial rounding, which ensures that data on the statements always ties out and is consistent across the entire report.
• Gravity includes a highly graphical publication engine that produces glossy report output with exceptionally high quality. All of the formatting is automatically applied based on pre-defined formatting rules – making the process to produce beautiful output fast and efficient.
• Gravity produces highly glossy inline XBRL (iXBRL) output – with the highest level of formatting of any solution on the market.
• Gravity supports taxonomy extensions with on-the-fly extensions, so that you can add a new element from within the report, as needed.
• Gravity supports multiple languages, so it is easy to produce iXBRL output in any language or in multiple languages.
• Gravity supports ESG frameworks, including the new S1 & S2 accounting standard. Gravity also includes cloud-based data collection templates, making it easy to collect a wide variety of ESG data from across your organization.
• Gravity is a 100% cloud-based application – making deployment fast & easy.