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

    Regulators Fine Goldman Sachs for Risk Management Failures

    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).

    October 23, 2020 WebPage Regulatory News
    News

    Canada Hosts International Conference of Banking Supervisors

    BCBS announced that OSFI and the Bank of Canada hosted the 21st International Conference of Banking Supervisors (ICBS) virtually on October 19-22, 2020.

    October 22, 2020 WebPage Regulatory News
    News

    FCA Proposes More Measures to Help Insurance Customers Amid Crisis

    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.

    October 21, 2020 WebPage Regulatory News
    News

    EBA Issues Opinion to Address Risk Stemming from Legacy Instruments

    EBA issued an opinion on prudential treatment of the legacy instruments as the grandfathering period nears an end on December 31, 2021.

    October 21, 2020 WebPage Regulatory News
    News

    ESRB Publishes Non-Bank Financial Intermediation Risk Monitor for 2020

    ESRB published the fifth issue of the EU Non-bank Financial Intermediation Risk Monitor 2020 (NBFI Monitor).

    October 21, 2020 WebPage Regulatory News
    News

    HM Treasury Publishes Policy Statement Amending Benchmarks Regulation

    HM Treasury announced that the new Financial Services Bill has been introduced in the Parliament.

    October 21, 2020 WebPage Regulatory News
    News

    APRA Initiates Action Against a Bank for Liquidity Compliance Breach

    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.

    October 21, 2020 WebPage Regulatory News
    News

    PRA Consults on Implementation of Certain Provisions of CRD5 and CRR2

    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).

    October 20, 2020 WebPage Regulatory News
    News

    US Agencies Finalize Rule to Reduce Impact of Large Bank Failures

    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).

    October 20, 2020 WebPage Regulatory News
    News

    US Agencies Finalize Rule on Net Stable Funding Ratio Requirements

    US Agencies (FDIC, FED, and OCC) adopted a final rule that implements the net stable funding ratio (NSFR) for certain large banking organizations.

    October 20, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 6004