ESMA updated the reporting manual on the European Single Electronic Format (ESEF). The update expands existing guidance and reflects relevant developments in the technical specifications. New additions to the updated manual include guidance on naming conventions for extension taxonomy files and definition of extended link roles in extension taxonomies. The manual is intended to assist issuers and software vendors in creating Inline XBRL documents that are compliant with the regulatory technical standards on ESEF. The manual was originally published by ESMA in December 2017 and the later updated in July 2019.
The reporting manual on ESEF provides guidance on common issues that may be encountered when creating Inline XBRL documents and explains how to resolve them. The purpose of the manual is to promote a harmonized and consistent approach for preparation of annual financial reports in the format specified in the regulatory technical standards on ESEF. The guidelines in this manual are aimed to facilitate the analysis and comparison of XBRL data contained in Inline XBRL documents by investors and other users. The manual provides guidance on the expected syntax and structure of Inline XBRL documents and issuers’ XBRL extension taxonomies. Understanding of certain highly technical parts of the manual requires the reader to have a working knowledge of the XBRL 2.1, XBRL Dimensions 1.0, Inline XBRL 1.1, and other XBRL specifications, to be familiar with the IFRS Taxonomy, and to have a basic understanding of XML, Namespaces, and XML Schema. The ESEF reporting manual is aimed at all market participants involved in the implementation of the requirements set out in the ESEF Delegated Regulation, particularly in the first-time preparation of IFRS consolidated financial statements in Inline XBRL.
Keywords: Europe, EU, Banking, Insurance, Securities, Reporting, ESEF, IFRS, ESEF Regulation, Regulatory Technical Standards, IFRS Taxonomy, ESMA
FCA and PRA in the UK, FED in the US, and the authorities in Singapore have fined Goldman Sachs for risk management failures in connection with the 1Malaysia Development Berhad (1MDB).
BCBS announced that OSFI and the Bank of Canada hosted the 21st International Conference of Banking Supervisors (ICBS) virtually on October 19-22, 2020.
FCA proposed guidance on how firms should continue to seek to help customers who hold insurance and premium finance products and may be in financial difficulty because of COVID-19, after October 31, 2020.
EBA issued an opinion on prudential treatment of the legacy instruments as the grandfathering period nears an end on December 31, 2021.
ESRB published the fifth issue of the EU Non-bank Financial Intermediation Risk Monitor 2020 (NBFI Monitor).
HM Treasury announced that the new Financial Services Bill has been introduced in the Parliament.
APRA announced that it has increased the minimum liquidity requirement of Bendigo and Adelaide Bank for failing to comply with the prudential standard on liquidity.
PRA published the consultation paper CP17/20 to propose changes to certain rules, supervisory statements, and statements of policy to implement elements of the Capital Requirements Directive (CRD5).
US Agencies adopted a final rule that applies to advanced approaches banking organizations and aims to reduce interconnectedness in the financial system as well as to reduce contagion risks associated with the failure of a global systemically important bank (G-SIB).
US Agencies (FDIC, FED, and OCC) adopted a final rule that implements the net stable funding ratio (NSFR) for certain large banking organizations.