Our SmartNotes clients have been continuously extending the use of SmartNotes to ESG reporting content for many years. Setting the right priorities in the vast field of the ESG topics poses a big challenge. The nomination of an International Sustainability Standards Board at IFRS Foundation is a result of the ESG standardisation need expressed by capital market participants, Switzerland proposed Geneva as a location for the new board and announced the binding implementation of the TCFD for the 2023 financial year. The ECB referred explicitly to the largest XBRL report submitted by the Deutsche Bank in November 2014 – because it overtaxed the undersized systems of the ECB.The recommendations of the TCFD (Task Force on Climate-related Financial Disclosures) are on the agenda for corporate reports. We worked closely with the authorities to optimise the new process. Deutsche Bank was the first bank in Europe to submit the reports on time. Among the recipients of the XBRL reports is the Bundesbank as well as the FCA in the UK, the Banco de Portugal and others. To date, hundreds of FINREP|COREP|AE instances have been transmitted using the XBRL Bridge by all European group entities. Currently over 80 users work with our solution. The XBRL Bridge of Deutsche Bank is accessed via a web-based interface (Java).
In addition, the instances can be validated (XBRL Formula Validation + Custom Validation) and visualised (Excel reports). AMANA has developed a web service (‘XBRL Bridge’) that can import data from the ‘Financial Data Warehouse’ (Oracle database) in order to generate XBRL instances from them. Referents: Richard Bössen and Philipp Stampfussĭeutsche Großbank A major German bank uses the AMANA XBRL Engine to generate its FINREP/COREP reports.
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Using disclosure management software to be able to work collaboratively on the sustainability statements.How to calculate, collect and consolidate the required data points by using solutions from AMANA partners.In our webinar, we are going to summarize the challenges regarding the actual reporting and publication process, which includes: Policies, targets, and specific action plans will have to be reported in order to see how companies are going to face the challenges of a changing world and climate change. It includes data points on water and energy consumption, Greenhouse Gas emissions, pollution, biodiversity as well as many social aspects like disclosures on workforce. Those disclosure requirements describe hundreds of single data points and narrative disclosures that must reported in a human-readable report, as well as in a digital and machine-readable format. The current European Sustainability Reporting Standard (ESRS) exposure draft, as published by EFRAG defines 178 sector-agnostic disclosure requirements, sector specific disclosure requirements are not yet defined. The adoption of upcoming standards in different European countries is just a matter of time.ĮSG Reporting with AMANA: Automated Data Flow and integrated XBRL Tagging The development of the XBRL standard is in the scope of the working group activities. EFRAG has recently published a “Working paper on climate standard prototype”. Richard Bössen, Head of our XBRL Development Team, is a member of the working group at EFRAG. See below the testimonials of our clients in this context.ĪMANA strongly supports the suggestion for cooperation between EFRAG and IFRS Foundation by Accountancy Europe.ĪMANA is actively contributing to the most recent and concrete developments in this area.
The recommendations of the TCFD (Task Force on Climate-related Financial Disclosures) are on the agenda for corporate reports.
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