ESMA Updates Reporting Manual on European Single Electronic Format
ESMA updated the reporting manual on the European Single Electronic Format (ESEF). The update expands existing guidance and reflects relevant developments in the technical specifications. New additions to the updated manual include guidance on naming conventions for extension taxonomy files and definition of extended link roles in extension taxonomies. The manual is intended to assist issuers and software vendors in creating Inline XBRL documents that are compliant with the regulatory technical standards on ESEF. The manual was originally published by ESMA in December 2017 and the later updated in July 2019.
The reporting manual on ESEF provides guidance on common issues that may be encountered when creating Inline XBRL documents and explains how to resolve them. The purpose of the manual is to promote a harmonized and consistent approach for preparation of annual financial reports in the format specified in the regulatory technical standards on ESEF. The guidelines in this manual are aimed to facilitate the analysis and comparison of XBRL data contained in Inline XBRL documents by investors and other users. The manual provides guidance on the expected syntax and structure of Inline XBRL documents and issuers’ XBRL extension taxonomies. Understanding of certain highly technical parts of the manual requires the reader to have a working knowledge of the XBRL 2.1, XBRL Dimensions 1.0, Inline XBRL 1.1, and other XBRL specifications, to be familiar with the IFRS Taxonomy, and to have a basic understanding of XML, Namespaces, and XML Schema. The ESEF reporting manual is aimed at all market participants involved in the implementation of the requirements set out in the ESEF Delegated Regulation, particularly in the first-time preparation of IFRS consolidated financial statements in Inline XBRL.
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Keywords: Europe, EU, Banking, Insurance, Securities, Reporting, ESEF, IFRS, ESEF Regulation, Regulatory Technical Standards, IFRS Taxonomy, ESMA
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