EC Amends Regulation on Single Electronic Reporting Format in EU
EC published the Delegated Regulation 2020/1989, which amends Regulation 2019/815 with regard to the 2020 updates of the taxonomy laid down in the regulatory technical standards for the single electronic reporting format. Regulation 2020/1989 shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union. It shall apply, from January 01, 2021, to the annual financial reports containing financial statements for financial years beginning on or after January 01, 2021. However, for annual financial reports containing financial statements for financial years beginning before January 01, 2021, the Regulation shall apply from the date it shall enter into force.
Regulation 2019/815, which the published Delegated Regulation amends, specifies the single electronic reporting format to be used for the preparation of annual financial reports by issuers. The core taxonomy to be used for the single electronic reporting format is based on the IFRS taxonomy and is an extension of this IFRS taxonomy. The IFRS Foundation annually updates the IFRS taxonomy to reflect, among other developments, the issuance of new or the amendment of existing IFRS, the analysis of disclosures commonly reported in practice, or improvements to general content or technology of the IFRS taxonomy. Therefore, an update to the regulatory technical standards is necessary to reflect the relevant changes in the IFRS taxonomy. Thus, the Delegated Regulation 2019/815 is being amended by the Regulation 2020/1989. In specific, Annexes I and VI of Regulation 2019/815 are being modified in accordance with the Annexes I and II of the Regulation 2020/1989, respectively.
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Effective Date: January 07, 2021
Keywords: Europe, EU, Banking, Insurance, Securities, Reporting, Regulation 2019/815, IFRS Taxonomy, ESEF, Taxonomy, EC
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