ESMA published the 2020 European Single Electronic Format (ESEF) XBRL taxonomy files and an update to the ESEF Conformance Suite to facilitate implementation of the ESEF Regulation. The publication of the ESEF XBRL taxonomy files is accompanied by the publication of a set of documents presenting the architecture and content of the ESEF XBRL taxonomy and providing information about the XBRL features applied. The Conformance Suite describes a set of conformance tests for XBRL processors or software tools to ensure compliance with the requirements of ESEF, as defined in the ESEF Regulation, and with the guidance included in the ESEF Reporting Manual.
The 2020 ESEF taxonomy is based on the 2020 IFRS taxonomy, which is annually prepared and updated by the IFRS Foundation. The taxonomy package includes labels in all EU languages. The ESEF taxonomy includes minimal changes (extensions or customizations) compared to the IFRS taxonomy from the IFRS Foundation. To reflect the principle-based nature of the IFRS standards, ESMA decided to enable preparers to create extensions in a controlled manner. Therefore, contrary to the fixed taxonomies, the ESEF taxonomy is flexible and is intended to be used as a starting point for issuers to create their own taxonomies. The ESEF taxonomy directly imports all FULL IFRS taxonomy elements and links to the references and labels in the English language. However, the IFRS taxonomy presentation, definition, and calculation relationships are customized in the ESEF taxonomy rather than directly imported. The ESEF Regulation requires that issuers identify themselves using the Legal Entity Identifier (LEI). Therefore, the XBRL International LEI taxonomy is imported in the ESEF taxonomy to provide the means to report and verify the validity of the LEI used by the issuer to identify itself in the Inline XBRL document.
The ESEF Conformance Suite defines 64 test cases divided into 192 sample XBRL report packages showcasing the expected application of rules and guidance items specified by the ESEF Regulation and the corresponding Reporting Manual. For each test case, there is at least one valid and one invalid sample report. This does not represent all possible scenarios in which a particular aspect could be tested. Moreover, the suite does not cover all requirements of the ESEF because some requirements cannot be automatically verified with the use of software. All tests are provided with a textual description of the tested aspect and the relevant references to the ESEF Regulation or Reporting Manual. Each report package that is part of the suite consists of an Inline XBRL document and the corresponding issuer-specific XBRL taxonomy extension.
Keywords: Europe, EU, Banking, Insurance, Securities, Taxonomy, ESEF, ESEF Regulation, IFRS Taxonomy, XBRL, XBRL, LEI, Reporting, Conformance Suite, ESMA
Previous ArticleESAs Clarify Impact on Status of STS Securitizations Post Brexit
EBA published an erratum for the technical package on phase 2 of the reporting framework 3.0.
MAS amended Notice 643A that addresses requirements for banks to prepare statements of exposures and credit facilities to related concerns or parties.
ECB has published, in the Official Journal of the European Union, the Guideline 2021/565 on the euro short-term rate (€STR) and this guideline amends the previous ECB Guideline 2019/1265.
EBA launched a consultation on the draft regulatory technical standards on the list of countries with an advanced economy for calculating the equity risk under the alternative standardized approach (FRTB-SA).
PRA is proposing, via CP7/21, the approach to implementing new requirements related to the specification of the nature, severity, and duration of an economic downturn in the internal ratings-based (IRB) approach to credit risk.
The UK government launched the Recovery Loan Scheme (RLS) as part of its continued COVID-19 support for UK businesses, as announced by HM Treasury on March 03, 2021.
FSB published a letter, from its Chair Randal K. Quarles, to the G20 Finance Ministers and Central Bank Governors, ahead of their virtual meeting on April 07, 2021.
OSFI issued a letter to the deposit-taking institutions issuing covered bonds and announced the unwinding of the temporary increase to the covered bond limit for deposit-taking institutions, effective immediately.
To support recovery from the COVID-19 crisis, EU has published two regulations to amend the securitization framework, as set out in the Securitization Regulation (2017/2402) and the Capital Requirements Regulation or CRR (575/2013).
HM Treasury announced that G7 Finance Ministers and Central Bank Governors met ahead of COP 26, the 2021 UN Climate Change Conference, and agreed on green agenda.