ESMA Integrates 2020 IFRS Taxonomy into Technical Standards on ESEF
ESMA published a draft amendment to the regulatory technical standards on European Single Electronic Format (ESEF). This update provides a technical amendment to the original technical standards on ESEF, incorporating the 2020 version of the IFRS taxonomy published by the IFRS Foundation in March 2020. The draft technical standards amend Annex I and Annex VI of the original technical standards on ESEF to reflect the 2020 update to the IFRS taxonomy. The draft technical standards have been submitted to EC for approval and EC has three months to decide whether to endorse the technical standards.
The 2020 taxonomy will be mandatory for annual financial reports containing financial statements for financial years beginning on or after January 01, 2021. However, issuers will be allowed to adopt it for 2020 reports on a voluntary basis. The ESEF taxonomy is based on the IFRS taxonomy. Therefore, as IFRS standards and taxonomy evolve, the technical standards on ESEF must also evolve 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 the implementation of tagging requirements and ensuring the highest comparability of filings for end-users at European and global levels. The technical standards on ESEF will continue to be amended annually to reflect updates to the IFRS taxonomy published by the IFRS Foundation.
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Keywords: Europe, EU, Banking, Insurance, Securities, Taxonomy, Regulatory Technical Standards, ESEF, Reporting, ESEF Regulation, IFRS 9, IFRS 17, IFRS, ESMA
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