Philip Morris is a leading international tobacco company engaged in the manufacture and sale of cigarettes and smoke-free products.
Challenges they faced while preparing for the ESEF:
- Concerned about maintaining the accuracy and quality of their financial statements while filing in the new format
- Feared the complexity of the XBRL® tagging process across the financials and narrative in two languages
- Needed their iXBRL® file to be designed to the same standard their investors expect
- Required support from accounting experts on best practices to meet their ESEF compliance and filing requirements
Why W for ESEF:
- Allows Philip Morris to create high-quality and accurate reports in multiple languages that meet the demands of regulators and investors
- Improves the efficiency of their end-to-end reporting process
- Provides rigorous safeguards and the highest level of data security
- Multiple team members can work on the report at the same time with an audit trail to track changes
- Option to leverage XBRL and iXBRL expertise of Workiva
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