ESMA published a draft amendment to the regulatory technical standards on the European Single Electronic format (ESEF) to update the core taxonomy to be used for ESEF reporting. The core taxonomy currently included in the regulatory technical standards on the ESEF is the 2017 IFRS Taxonomy. This draft amendment aims to replace that version with the most recent one published by the IFRS Foundation in March 2019. This update is a purely technical amendment to the original regulatory technical standards on the ESEF.
These regulatory technical standards published by ESMA amend the Delegated Regulation (EU) 2018/815, which was published in the Official Journal of the European Union on May 29, 2019. The ESEF taxonomy is based on the IFRS Taxonomy. As the IFRS standards and taxonomy evolve, the regulatory technical standards on ESEF need to evolve accordingly to provide preparers with the most relevant ESEF taxonomy for tagging IFRS consolidated financial statements. This will promote electronic reporting that is up-to-date with the applicable reporting standards, thus facilitating implementation of the tagging requirements and ensuring the highest comparability of filings for end-users at the European and global levels. The regulatory technical standards on ESEF will be amended annually to reflect updates to the IFRS Taxonomy published by the IFRS Foundation. ESMA submitted the final report on the regulatory technical standards to EC and EC has three months to decide whether to endorse the technical standard.
The regulatory technical standards on ESEF will be amended on a yearly basis to reflect updates to the IFRS Taxonomy published by the IFRS Foundation. Based on article 4(7) of the revised Transparency Directive, ESMA had developed the draft regulatory technical standards specifying the single electronic reporting format in which issuers should prepare their annual financial reports from January 01, 2020. The regulatory technical standards on ESEF established that the taxonomy to be used to mark-up IFRS consolidated financial statements shall be an extension of the IFRS Taxonomy, which is prepared and annually updated by the IFRS Foundation.
Keywords: Europe, EU, Banking, Insurance, Securities, Taxonomy, Regulatory Technical Standards, ESEF, Reporting, IFRS, ESMA
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