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

    EBA Finalizes Templates for One-Off Climate Risk Scenario Analysis

    The European Banking Authority (EBA) has published the final templates, and the associated guidance, for collecting climate-related data for the one-off Fit-for-55 climate risk scenario analysis.

    November 28, 2023 WebPage Regulatory News

    EBA Mulls Inclusion of Environmental & Social Risks to Pillar 1 Rules

    The European Banking Authority (EBA) recently published a report that recommends enhancements to the Pillar 1 framework, under the prudential rules, to capture environmental and social risks.

    October 31, 2023 WebPage Regulatory News

    BCBS Consults on Disclosure of Crypto-Asset Exposures of Banks

    As a follow on from its prudential standard on the treatment of crypto-asset exposures, the Basel Committee on Banking Supervision (BCBS) proposed disclosure requirements for crypto-asset exposures of banks.

    October 19, 2023 WebPage Regulatory News

    BCBS and EBA Publish Results of Basel III Monitoring Exercise

    The Basel Committee on Banking Supervision (BCBS) and the European Banking Authority (EBA) have published results of the Basel III monitoring exercise.

    October 18, 2023 WebPage Regulatory News

    PRA Updates Timeline for Final Basel III Rules, Issues Other Updates

    The Prudential Regulation Authority (PRA) recently issued a few regulatory updates for banks, with the updated Basel implementation timelines being the key among them.

    October 18, 2023 WebPage Regulatory News

    US Treasury Sets Out Principles for Net-Zero Financing

    The U.S. Department of the Treasury has recently set out the principles for net-zero financing and investment.

    October 17, 2023 WebPage Regulatory News

    EC Launches Survey on G7 Principles on Generative AI

    The European Commission (EC) launched a stakeholder survey on the draft International Guiding Principles for organizations developing advanced artificial intelligence (AI) systems.

    October 14, 2023 WebPage Regulatory News

    ISSB Sustainability Standards Expected to Become Global Baseline

    The finalization of the two sustainability disclosure standards—IFRS S1 and IFRS S2—is expected to be a significant step forward in the harmonization of sustainability disclosures worldwide.

    September 18, 2023 WebPage Regulatory News

    IOSCO, BIS, and FSB to Intensify Focus on Decentralized Finance

    Decentralized finance (DeFi) is expected to increase in prominence, finding traction in use cases such as lending, trading, and investing, without the intermediation of traditional financial institutions.

    September 18, 2023 WebPage Regulatory News

    BCBS Assesses NSFR and Large Exposures Rules in US

    The Basel Committee on Banking Supervision (BCBS) published reports that assessed the overall implementation of the net stable funding ratio (NSFR) and the large exposures rules in the U.S.

    September 14, 2023 WebPage Regulatory News
    RESULTS 1 - 10 OF 8938