ESMA published the updated ESEF XBRL taxonomy files to reflect the 2019 update of the European Single Electronic Format (ESEF) Regulation (2019/2100). The update is intended to facilitate implementation of the ESEF Regulation by providing XBRL taxonomy files that are compliant with all relevant technical and legal requirements in the updated ESEF Regulation. The publication of the ESEF XBRL taxonomy files is accompanied by the publication of a set of documentation material presenting their architecture and content.
The ESEF taxonomy is based on the International Financial Reporting Standards (IFRS) taxonomy, which the the IFRS Foundation prepares and updates annually, and provides issuers with a hierarchical structure to be used to classify financial information.. As the IFRS standards evolve, the ESEF Regulation and the corresponding ESEF XBRL taxonomy files evolve accordingly to provide preparers with the most relevant taxonomy for tagging the IFRS) consolidated financial statements. The taxonomy is made up of a set of electronic files (ESEF XBRL taxonomy files) providing a structured representation of the elements that substantively constitute the core taxonomy. The ESEF taxonomy includes minimum changes (extensions or customizations) compared to the IFRS taxonomy prepared by the IFRS Foundation. The human-readable labels of the core taxonomy, listing and defining the specific elements that preparers can use to tag the information disclosed within IFRS consolidated financial statements, have been included in Annex VI of the consolidated version of the ESEF Regulation.
The ESEF taxonomy directly imports full IFRS taxonomy elements and links to their references and labels in the English language (including, among other things, documentation). However, the IFRS taxonomy presentation, definition, and calculation relationships are customized in the ESEF taxonomy, rather than directly imported. To reflect the principle-based nature of 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 it intended to be used as a starting point for issuers to create their own taxonomies. The regulatory technical standards on ESEF require that issuers identify themselves using the Legal Entity Identifier (LEI). Therefore, the XBRL International LEI taxonomy has been also 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.
Keywords: Europe, EU, Banking, Securities, Insurance, Taxonomy, ESEF, ESEF Regulation, IFRS Taxonomy, XBRL, Regulatory Technical Standards, LEI, ESMA
Previous ArticleECB Paper Examines Data Gaps in European Macro-Prudential Database
EBA finalized the two sets of draft regulatory technical standards on the identification of material risk-takers and on the classes of instruments used for remuneration under the Investment Firms Directive (IFD).
EC published, in the Official Journal of the European Union, a notification that the European Court of Auditors (ECA) has published a special report on resolution planning in the Single Resolution Mechanism.
BoE published a scenario against which it will be stress testing banks in 2021, in addition to setting out the key elements of the 2021 stress test, guidance on the 2021 stress test, and the variable paths for the 2021 stress test.
PRA published a consultation paper (CP3/21) proposes rules regarding the timing of identity verification required for eligibility of depositor protection under the Financial Services Compensation Scheme (FSCS).
FSB published the work program for 2021, which reflects a strategic shift in priorities in the COVID-19 environment.
FCA announced that 50% firms have started using the new data collection platform RegData, which is slated to replace the existing platform known Gabriel.
Bundesbank published Version 5.0 of the derivation rules for completeness check at the form level, with respect to the data quality of the European harmonized reporting system.
FED finalized a rule that updates capital planning requirements to reflect the new framework from 2019 that sorts large banks into categories, with requirements that are tailored to the risks of each category.
ECB published results of the quarterly lending survey conducted on 143 banks in the euro area.
ESAs published the final draft implementing technical standards on reporting of intra-group transactions and risk concentration of financial conglomerates subject to the supplementary supervision in EU.