March 21, 2019

ESMA published taxonomy files to facilitate implementation of the requirements set out by draft regulatory technical standard on European Single Electronic Format (ESEF). ESMA aims to facilitate implementation of the ESEF technical standard by providing XBRL taxonomy files that are compliant with all relevant technical and legal requirements in the technical standard. With this, ESMA also aims to provide XBRL taxonomy files that issuers should use as a starting point to create their own taxonomies. The taxonomy files intend to facilitate the accessibility, analysis, and comparability of Annual Financial Reports (AFRs) in the ESEF format.

The ESEF technical standard requires that, starting from 2020, all listed issuers publishing AFRs under the meaning of the Transparency Directive prepare their AFRs in the xHTML format. Whenever AFRs contain IFRS consolidated financial statements, issuers shall mark them up using XBRL tags chosen from a taxonomy of accounting concepts and embed them in the underlying xHTML document using the inline XBRL technology. This will combine the XBRL benefits of tagged data with the human-readable presentation of an AFR.

The ESEF taxonomy is based on the 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. The taxonomy comprises a set of electronic files that provide a structured representation of the elements that substantively constitute the core taxonomy. These can be accessed on the website of ESMA in the form of a taxonomy package (in accordance with the XBRL Taxonomy Packages 1.0 specification). The package includes entry points in all EU languages. The human-readable labels of the core ESEF taxonomy, which list and define the elements that preparers can use to identify (tag) the information disclosed within IFRS consolidated financial statements, have been included in Annex VI of the technical standard on ESEF.


Related Links

Keywords: Europe, EU, Banking, Insurance, Securities, Taxonomy, Reporting, ESEF, XBRL, IFRS Taxonomy, ESMA

Related Articles
News

EBA Report Assesses Regulatory Framework for Fintech Activities

EBA published the findings of its analysis on the regulatory framework applicable to fintech firms when accessing the market.

July 18, 2019 WebPage Regulatory News
News

OSFI Revises Capital Requirements for Operational Risk for Banks

OSFI is revising its capital requirements for operational risk, in line with the final Basel III revisions published by BCBS in December 2017.

July 18, 2019 WebPage Regulatory News
News

OSFI Consults on Revised Principles for Management of Liquidity Risk

OSFI proposed revisions to Guideline B-6 on the principles for the management of liquidity risk.

July 18, 2019 WebPage Regulatory News
News

ESMA Guidance on Disclosures for Credit Rating Sustainability Issues

ESMA published the technical advice on sustainability considerations in the credit rating market, along with the final guidelines on disclosure requirements applicable to credit ratings.

July 18, 2019 WebPage Regulatory News
News

FASB Issues Q&A on Estimation of Expected Credit Losses by Firms

FASB issued a second question-and-answer (Q&A) document that addresses more than a dozen frequently asked questions related to the Accounting Standards Update No. 2016-13 titled “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.”

July 17, 2019 WebPage Regulatory News
News

US Agencies Delay Enforcing Volcker Rule Restrictions on Foreign Funds

US Agencies (FDIC, FED, and OCC) announced that they will not take action related to restrictions under the Volcker Rule for certain foreign funds for an additional two years.

July 17, 2019 WebPage Regulatory News
News

SRB Announces SRF Receives Cash Injection, Grows to EUR 33 billion

SRB announced that the Single Resolution Fund (SRF or the Fund) received a cash injection of EUR 7.8 billion from 3,186 institutions in 2019, bringing the total amount in the Fund to about EUR 33 billion.

July 17, 2019 WebPage Regulatory News
News

FASB to Propose to Delay CECL Compliance Deadline for Certain Entities

FASB published a summary of the tentative decisions taken at its Board meeting in July 2019.

July 17, 2019 WebPage Regulatory News
News

IMF Publishes Report on 2019 Article IV Consultation with Vietnam

IMF published its staff report in context of the 2019 Article IV consultation with Vietnam.

July 16, 2019 WebPage Regulatory News
News

European Parliament Elects Next President of European Commission

European Parliament elected Ursula von der Leyen from Germany as the first female President of the next European Commission for a five-year term from November 01, 2019.

July 16, 2019 WebPage Regulatory News
RESULTS 1 - 10 OF 3476