Featured Product

    ESMA Publishes Taxonomy for Implementation of ESEF Regulation

    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

    Featured Experts
    Related Articles
    News

    BCBS Consults on Revised Disclosures for Market Risk Framework

    BCBS launched a consultation on the revised disclosure requirements for the market risk framework for banks.

    November 14, 2019 WebPage Regulatory News
    News

    FSB Examines Implementation of Resolution Regimes in Financial Sector

    FSB published a report that examines progress in implementing policy measures to enhance the resolvability of systemically important financial institutions and sets out plans for further work.

    November 14, 2019 WebPage Regulatory News
    News

    PRA Publishes Final Policy on Maintenance of TMTP Under Solvency II

    PRA published the policy statement (PS25/19) that contains the final supervisory statement (SS6/16) on maintenance of the transitional measure on technical provisions (TMTPs) under Solvency II.

    November 14, 2019 WebPage Regulatory News
    News

    BCBS Consults on Disclosure Templates of Sovereign Exposures of Banks

    BCBS published a consultation on the voluntary disclosure templates related to sovereign exposures of banks.

    November 14, 2019 WebPage Regulatory News
    News

    IAIS Adopts ComFrame, ICS, and Holistic Framework for Systemic Risk

    IAIS adopted a comprehensive set of reforms—Common Framework (ComFrame), Insurance Capital Standard (ICS) Version 2.0, and Holistic Framework for Systemic Risk—that will enable effective cross-border supervision of insurance groups and contribute to global financial stability.

    November 14, 2019 WebPage Regulatory News
    News

    PRA Publishes Templates for Statistical Disclosures Under Solvency II

    PRA published templates for statistical disclosures, as required under Article 31(2) of the Solvency II Directive.

    November 14, 2019 WebPage Regulatory News
    News

    FASB Proposes Improvements to Derivatives and Hedging Standard

    FASB proposed an Accounting Standards Update, on codification improvements to hedge accounting under Topic 815, to clarify certain sections of the 2017 hedge accounting standard (Update 2017-12).

    November 13, 2019 WebPage Regulatory News
    News

    FASB Approves Guidance to Assist in Transition to New Reference Rates

    FASB approved an Accounting Standards Update (Topic 848) to provide temporary, optional guidance to ease the potential burden in accounting for, or recognizing the effects of, the reference rate reform on financial reporting.

    November 13, 2019 WebPage Regulatory News
    News

    BIS and MAS Launch Innovation Hub in Singapore

    BIS and MAS launched the BIS Innovation Hub Center in Singapore.

    November 13, 2019 WebPage Regulatory News
    News

    MAS and Industry to Create Framework for Adoption of Responsible AIDA

    MAS announced that it is working with financial industry partners to create a framework for financial institutions to promote the responsible adoption of Artificial Intelligence and Data Analytics (AIDA).

    November 13, 2019 WebPage Regulatory News
    RESULTS 1 - 10 OF 4142