ESMA Publishes 2022 ESEF XBRL Taxonomy and Conformance Suite
The General Board of the European Systemic Risk Board (ESRB), at its December meeting, issued an updated risk assessment via the quarterly risk dashboard and held discussions on key policy priorities to address the systemic risks in the European Union. The European Securities and Markets Authority (ESMA) also updated the sets of questions and answers (Q&As) on certain regulations under its purview, particularly Q&As on the distributed ledger technology (DLT) pilot regime and the European crowdfunding service providers regulation. Furthermore, ESMA published the 2022 XBRL taxonomy files and an update to the Conformance Suite to facilitate implementation of the European Single Electronic Format (ESEF) Regulation.
ESMA intends to facilitate the ESEF implementation via the XBRL taxonomy files and Conformance Suite test files that reflect the requirements from the 2022 draft update to the ESEF Regulation and the 2022 update to the ESEF Reporting Manual. ESMA had submitted the 2022 draft update to the ESEF regulation in June 2022 and the Europea Commission adopted it on September 21, 2022, post which it was subject to scrutiny of the European Parliament and Council until December 21 2022. The 2022 ESEF taxonomy is based on the 2022 International Financial Reporting Standards (IFRS) Taxonomy, prepared and updated annually by the IFRS Foundation. The IFRS Foundation also publishes a versioning document explaining the changes compared to the previous taxonomy.
The ESEF Regulation requires that all issuers with securities listed on a European Union regulated market prepare their annual financial reports in xHTML and mark-up the IFRS consolidated financial statements contained therein using XBRL tags and the iXBRL technology. The 2022 ESEF taxonomy files and the updated Conformance Suite may be used by issuers to fulfill the ESEF obligations for their annual financial reports concerning financial years beginning on or after January 01, 2022 only after the entry into force of the 2022 update to the ESEF Regulation. Issuers may in any case continue to use the 2021 ESEF taxonomy files and Conformance Suite for their annual financial reports concerning financial years beginning on or after January 01, 2022. The regulation will enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.
Related Links
- ESRB Meeting Summary
- ESRB Risk Dashboard (PDF)
- ESMA News on ESEF Taxonomy
- ESEF Taxonomy 2022
- Conformance Suite 2022
- IFRS Taxonomy 2022
- ESMA Q&A on Regulations
Keywords: Europe, EU, Banking, Reporting, ESEF, XBRL, ESEF Regulation, IFRS Taxonomy, Q A, Crowdfunding Service Providers, Distributed Ledger Technology, Risk Dashboard, ESMA, ESRB
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