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    EC Amends Regulation on Single Electronic Reporting Format in EU

    December 16, 2019

    EC published the EU Delegated Regulation 2019/2100, which amends the EU Regulation 2019/815, with regard to updates on the taxonomy to be used for the single electronic reporting format in EU. Regulation 2019/2100 shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union. It shall apply to annual financial reports containing financial statements for financial years beginning on or after January 01, 2020.

    Regulation 2019/815, which the published Delegated Regulation amends, specifies the single electronic reporting format to be used for the preparation of annual financial reports by issuers. The core taxonomy to be used for the single electronic reporting format is based on the IFRS taxonomy and is an extension of this IFRS taxonomy. The IFRS Foundation annually updates the IFRS taxonomy to reflect, among other developments, the issuance of new or the amendment of existing IFRS, the analysis of disclosures commonly reported in practice, or improvements to general content or technology of the IFRS taxonomy. Therefore, an update to the regulatory technical standards is necessary to reflect the relevant changes in the IFRS taxonomy. Therefore, the Delegated Regulation 2019/815 is being amended by the Regulation 2019/2100. In specific, Annexes I, II, and VI of Regulation 2019/815 are being modified in accordance with the Annexes I, II, and III of the Regulation 2019/2100, respectively.

     

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    Effective Date: January 05, 2020

    Keywords: Europe, EU, Banking, Insurance, Securities, Reporting, Regulation 2019/815, IFRS Taxonomy, ESEF, Taxonomy, Regulation 2019/2100, ESEF, EC

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