Featured Product

    ESMA Publishes XBRL Taxonomy and Conformance Suite to Implement ESEF

    December 07, 2020

    ESMA published the 2020 European Single Electronic Format (ESEF) XBRL taxonomy files and an update to the ESEF Conformance Suite to facilitate implementation of the ESEF Regulation. The publication of the ESEF XBRL taxonomy files is accompanied by the publication of a set of documents presenting the architecture and content of the ESEF XBRL taxonomy and providing information about the XBRL features applied. The Conformance Suite describes a set of conformance tests for XBRL processors or software tools to ensure compliance with the requirements of ESEF, as defined in the ESEF Regulation, and with the guidance included in the ESEF Reporting Manual.

    The 2020 ESEF taxonomy is based on the 2020 IFRS taxonomy, which is annually prepared and updated by the IFRS Foundation. The taxonomy package includes labels in all EU languages. The ESEF taxonomy includes minimal changes (extensions or customizations) compared to the IFRS taxonomy from the IFRS Foundation. To reflect the principle-based nature of the IFRS standards, ESMA decided to enable preparers to create extensions in a controlled manner. Therefore, contrary to the fixed taxonomies, the ESEF taxonomy is flexible and is intended to be used as a starting point for issuers to create their own taxonomies. The ESEF taxonomy directly imports all FULL IFRS taxonomy elements and links to the references and labels in the English language. However, the IFRS taxonomy presentation, definition, and calculation relationships are customized in the ESEF taxonomy rather than directly imported. The ESEF Regulation requires that issuers identify themselves using the Legal Entity Identifier (LEI). Therefore, the XBRL International LEI taxonomy is imported in the ESEF taxonomy to provide the means to report and verify the validity of the LEI used by the issuer to identify itself in the Inline XBRL document.

    The ESEF Conformance Suite defines 64 test cases divided into 192 sample XBRL report packages showcasing the expected application of rules and guidance items specified by the ESEF Regulation and the corresponding Reporting Manual. For each test case, there is at least one valid and one invalid sample report. This does not represent all possible scenarios in which a particular aspect could be tested. Moreover, the suite does not cover all requirements of the ESEF because some requirements cannot be automatically verified with the use of software. All tests are provided with a textual description of the tested aspect and the relevant references to the ESEF Regulation or Reporting Manual. Each report package that is part of the suite consists of an Inline XBRL document and the corresponding issuer-specific XBRL taxonomy extension. 

     

    Related Links

    Keywords: Europe, EU, Banking, Insurance, Securities, Taxonomy, ESEF, ESEF Regulation, IFRS Taxonomy, XBRL, XBRL, LEI, Reporting, Conformance Suite, ESMA

    Featured Experts
    Related Articles
    News

    BCBS Consults on Guidelines for Counterparty Credit Risk Management

    The Basel Committee on Banking Supervision (BCBS) is seeking comments, until August 28, 2024, on guidelines for counterparty credit risk management of banks.

    May 21, 2024 WebPage Regulatory News
    News

    ISSB Releases Digital Sustainability Disclosures Taxonomy

    The themes of the harmonization and interoperability of sustainability disclosure standards among various jurisdictions remain at the top-of-mind for international standard-setting bodies.

    May 21, 2024 WebPage Regulatory News
    News

    BCBS Report Studies Implications of Digitalization of Finance

    The Basel Committee on Banking Supervision (BCBS) published a report that examines the implications of the digitalization of finance for banks and supervisors.

    May 21, 2024 WebPage Regulatory News
    News

    HKMA Publishes Hong Kong Taxonomy for Sustainable Finance

    The Hong Kong Monetary Authority (HKMA) published the Hong Kong Taxonomy for Sustainable Finance.

    May 21, 2024 WebPage Regulatory News
    News

    EU Taking Steps to Set Out and Enforce AI Regulations

    Many believe that the transformative power of generative artificial intelligence (GenAI) has potential to reshape the financial sector in the time to come.

    May 21, 2024 WebPage Regulatory News
    News

    BIS Paper Outlines Vision for Future Financial System

    In a recent paper, the General Manager of Bank for International Settlements (BIS) and the Indian entrepreneur (Infosys co-founder) Nandan Nilekani have laid out a vision for the Finternet, which is proposed to be a network of multiple financial ecosystems, much like the internet.

    April 29, 2024 WebPage Regulatory News
    News

    NGFS Outlines Options for Supervisory Review of Transition Plans

    The Network for Greening the Financial System (NGFS) recently published three reports on the use of transition plans to boost sustainable finance and manage climate-related financial risks.

    April 29, 2024 WebPage Regulatory News
    News

    BCBS Issues Discussion Paper on Climate Scenario Analysis

    The Basel Committee on Banking Supervision (BCBS) issued a discussion paper on the use of climate scenario analysis to strengthen the management and supervision of climate-related financial risks.

    April 29, 2024 WebPage Regulatory News
    News

    OSFI Issues Phase2 Consultation on Climate Scenario Exercise for Banks

    The Office of the Superintendent of Financial Institutions (OSFI) recently announced a consultation on the second phase of the Standardized Climate Scenario Exercise (SCSE) for banks and other financial institutions it regulates in Canada.

    April 25, 2024 WebPage Regulatory News
    News

    CFIT to Chair Open Finance Taskforce Announced by UK Government

    The UK government announced the formation of an industry-led Open Finance Taskforce, chaired by the Center for Finance, Innovation, and Technology (CFIT).

    April 25, 2024 WebPage Regulatory News
    RESULTS 1 - 10 OF 8967