Latvijas Gāze shares its experience in preparing financial statements in accordance with ESEF requirements

Latvijas Gāze is the first company in Latvia, which published the Annual Report in 2021 in accordance with the new ESEF requirements. On 25 November, at the Nasdaq Riga seminar ‘Insider lists and ESEF requirements’, our Accounting Officer Olga Bobrova shared hands-on experience with iXBRL reporting.

The EU Commission’s Delegated Regulation 2019/815 (ESEF Regulation) determines how financial statements are prepared. With the introduction of the ESEF Regulation, a common electronic reporting format has been introduced for the annual financial statements of the issuers, whose securities are listed on EU regulated markets. In Latvia, mandatory application of the ESEF Regulation will take effect in relation to 2021 Annual Reports, however, Latvijas Gāze already published the 2020 Annual Report in accordance with the ESEF requirements.

“We were the first in Latvia to publish an Annual Report in accordance with new requirements already in the spring of this year, therefore, we hope that the preparation of the next report using the encryption program will be much easier. Compilation of a report in a whole new format was a challenging and time-consuming process, during which we had to find and evaluate a partner who would meet our needs and be able to meet the technical requirements, had to evaluate the aspects of IT security and personal data, as well as to learn the encryption program, which was not an easy task, therefore, we did make some mistakes at first. I think the new requirements are justified and useful because the XHTML format combined with the iXBRL features provides annual financial statements in a readable format for both people and machines, thereby improving the availability, analysis and comparability of the information included in the annual financial statements,” said Olga Bobrova.

The Financial Statement for 2020 of Latvijas Gāze in iXBRL format is available in the Financial Information section . For the convenience of users, a special programme ‘preview XHTML file’ is available on the website to open ESEF reports in a more user-friendly way.

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