CSSF Delays Application of ESEF Requirements by One Year
CSSF is informing that member states are allowed to delay, by one year, the application of the European Single Electronic Format (ESEF) requirements in relation to annual financial reports. Initially, the ESEF requirements were intended to apply to all annual financial reports drawn up in accordance with Article 3 of the Transparency Law for financial years beginning on or after January 01, 2020. However, now these requirements will apply to the annual financial reports for periods beginning on or after January 01, 2021. For periods preceding that date, issuers may already apply the ESEF requirements on a voluntary basis.
Further to the decision, member states have been granted the possibility to defer the mandatory application to the annual financial reports for periods beginning on or after January 01, 2021. In this context, CSSF would like to remind issuers that, as from the application of the ESEF requirements, the entire annual financial report shall be drawn up in accordance with the regulatory technical standards on ESEF. As such, it shall be prepared in XHTML format; additionally, where annual financial reports include IFRS consolidated financial statements, issuers shall mark up those consolidated financial statements using eXtensible Business Reporting Language (XBRL). Statutory auditors are required to check the compliance of financial statements with the mentioned requirements and to provide an audit opinion on whether the financial statements comply with these requirements.
Related Link: Press Release
Keywords: Europe, Luxembourg, Banking, Accounting, Securities, ESEF, ESEF Regulations, XBRL, Reporting, CSSF
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