AQUILA Group, the market leader in the field of integrated distribution and logistics services for consumer goods, in Romania and the Republic of Moldova, faced a significant challenge when it came to complying with the European Single Electronic Format (ESEF) requirements. As a company listed on the Bucharest Stock Exchange, AQUILA needed to ensure that their annual financial reports were prepared in the ESEF format, a mandatory reporting format for EU-listed companies. This is where Inulta, a trusted provider of financial reporting solutions, stepped in to help AQUILA achieve its compliance goals.
The main objective for AQUILA was to generate ESEF-compliant reports quickly and accurately.
In addition to the primary financial statements, AQUILA also needed to mark up the financial notes using block tagging for larger pieces of information such as explanatory notes and accounting policies. Flexibility was crucial to accommodate any additional requirements specified by the auditors.
Inulta, known for its expertise in financial, operational, and statutory reporting automations, provided the perfect solution for AQUILA. With a dedicated team of iXBRL specialists, comprising former auditors with in-depth knowledge of International Financial Reporting Standards (IFRS), Inulta ensured expert support throughout the iXBRL tagging process. Inulta’s tagging services were backed by using the Seahorse tool, developed by CoreFiling, a leading company in iXBRL invention and standardization.
The results of AQUILA’s collaboration with Inulta were outstanding.
Inulta successfully created the mandatory reports and ensured their full validation according to iXBRL and XBRL specifications. Verification against the ESEF requirements was carried out during the conversion process, guaranteeing a smooth filing process.
One of the notable benefits of Inulta’s solution was its ability to retain tags from the previous year, including tags from extension taxonomies. This convenient feature allowed the reuse of tags from previous reports in the current year, saving time and effort. Additionally, Inulta meticulously tagged the financial notes in the iXBRL reports, going above and beyond to accommodate any additional requests from auditors within a tight timeframe.
By leveraging Inulta’s expertise and utilizing their cutting-edge technology, AQUILA overcame the complexities of ESEF compliance and achieved their objectives efficiently.
The collaboration between AQUILA and Inulta not only ensured compliance with regulatory requirements but also provided AQUILA with peace of mind knowing that their annual financial reports were accurately and reliably prepared in the ESEF format.
With Inulta’s cloud-based solution, AQUILA benefited from an efficient process for creating ESEF-compliant iXBRL documents.
The seamless creation of extension taxonomies, simple export and review of iXBRL documents, and thorough validation before submission were among the advantages that AQUILA experienced. Inulta’s solution not only met the specific needs of AQUILA but also empowered them to adapt to evolving reporting standards and keep up with the ever-changing regulatory landscape.
Thanks to Inulta’s support, AQUILA successfully navigated the challenges of ESEF compliance, demonstrating their commitment to transparency and accountability. As the market leader in the field of integrated distribution and logistics services for consumer goods, in Romania and the Republic of Moldova, AQUILA continues to deliver exceptional value to its customers while maintaining compliance with regulatory requirements. Inulta’s expertise and innovative solutions played a vital role in AQUILA’s customer success story, illustrating the importance of choosing the right partner to achieve business objectives in a rapidly evolving financial reporting landscape.