Phalanx Software is holding a half-day in-person seminar on the 5th of May 2022 to teach the basics of XBRL and the
use of the ESEF taxonomy for tagging consolidated financial statements for public-listed companies.
The seminar is aimed at anyone who has to work with XBRL or issuers looking to prepare ESEF-tagged financial statements.
No prior knowledge of XBRL and ESEF is required for the seminar. During the seminar, we focus on the underlying XBRL
markup language, without focusing on any specific software, allowing participants to use their software of choice when working with XBRL, in the future.
- Delivered by: Kyle Pullicino, founder and software developer at Phalanx Software Ltd.
- Date/Time: 5th May 2022 at 09:00
- Duration: Half-day seminar
- Venue: The seminar will be held in Malta and the exact venue will be communicated with participants at a later date
- Price: € 200 (incl. VAT) per person
We begin the seminar by going through the relevant EU regulations and rules that require public-listed
companies to issue consolidated financial statements that are digitally tagged using the ESEF taxonomy.
- XML, XBRL and Facts
We then explain some basic terminology and demonstrate the various file formats involved in
preparing ESEF-tagged consolidated financial statements. We also introduce the difference between XBRL Concepts and Facts
and how they are used to delimit numerical values in a report.
- XBRL Contexts
Afterwards, we see how different XBRL contexts can be defined and used to express different
Fact Values for a particular Concept across different circumstances or date periods. We describe the different
ways we can express dates and how we can use dimensions to more accurately break-down a Fact into its component values.
- XBRL Taxonomies and Linkbases
While it is possible to prepare an XBRL report without a taxonomy, we demonstrate
how a taxonomy can be used to assign semantics to Facts and verify that an XBRL report is well-written. Furthermore,
we look at the different linkbases (presentation, calculation, definition, label) that can be added to a taxonomy and
their effect on how a report is interpreted by external tools.
- The IFRS and ESEF Taxonomies
In the second part of the seminar, we introduce the IFRS and ESEF base taxonomies
which contain all the concepts that companies should use when tagging their financial statements. We also explain how
the ESEF regulations require that companies prepare an extension taxonomy to define the semantic organisation of their report.
- Inline XBRL (iXBRL) and Viewer
We then explain how XHTML, and a variant of XBRL called 'Inline XBRL' (iXBRL),
can be used to prepare human-readable tagged financial statements as required for ESEF. We also demonstrate an
iXBRL viewer allowing anyone to click through, explore and analyse the XBRL facts embedded within a document.
- Custom Concepts and Anchoring
To support concepts that might not necessarily be accurately described by
concepts already defined within the ESEF base taxonomy, we explain how to add custom concepts in the extension taxonomy.
Through a process known as Anchoring, we also relate newly created custom concepts to concepts in the base taxonomy
to assign additional semantics to custom concepts we create.
- Open-source XBRL Validation
In the last part of our seminar, we showcase an open-source XBRL-certified tool
that can be used to explore the base ESEF taxonomy and also validate ESEF-tagged financial statements before they
are submitted to regulatory authorities.
This seminar has now concluded and we thank all participants that attended.