Featured Product

    ESMA Integrates 2020 IFRS Taxonomy into Technical Standards on ESEF

    June 18, 2020

    ESMA published a draft amendment to the regulatory technical standards on European Single Electronic Format (ESEF). This update provides a technical amendment to the original technical standards on ESEF, incorporating the 2020 version of the IFRS taxonomy published by the IFRS Foundation in March 2020. The draft technical standards amend Annex I and Annex VI of the original technical standards on ESEF to reflect the 2020 update to the IFRS taxonomy. The draft technical standards have been submitted to EC for approval and EC has three months to decide whether to endorse the technical standards.

    The 2020 taxonomy will be mandatory for annual financial reports containing financial statements for financial years beginning on or after January 01, 2021. However, issuers will be allowed to adopt it for 2020 reports on a voluntary basis. The ESEF taxonomy is based on the IFRS taxonomy. Therefore, as IFRS standards and taxonomy evolve, the technical standards on ESEF must also evolve to provide preparers with the most relevant ESEF taxonomy for tagging IFRS consolidated financial statements. This will promote electronic reporting that is up-to-date with the applicable reporting standards, thus facilitating the implementation of tagging requirements and ensuring the highest comparability of filings for end-users at European and global levels. The technical standards on ESEF will continue to be amended annually to reflect updates to the IFRS taxonomy published by the IFRS Foundation. 


    Related Links

    Keywords: Europe, EU, Banking, Insurance, Securities, Taxonomy, Regulatory Technical Standards, ESEF, Reporting, ESEF Regulation, IFRS 9, IFRS 17, IFRS, ESMA

    Featured Experts
    Related Articles
    News

    FSB Sets Out Effective Practices for Cyber Incident Recovery

    FSB finalized the toolkit of effective practices to assist financial institutions in their cyber incident response and recovery activities.

    October 19, 2020 WebPage Regulatory News
    News

    HKMA Urges Early Action for Adherence to IBOR Fallbacks Protocol

    HKMA urged authorized institutions to take early action to adhere to the IBOR Fallbacks Protocol, which ISDA is expected to publish soon.

    October 16, 2020 WebPage Regulatory News
    News

    FSB Sets Out Roadmap for Transition to Alternative Reference Rates

    FSB published a global transition roadmap for London Inter-bank Offered Rate (LIBOR).

    October 16, 2020 WebPage Regulatory News
    News

    HM Treasury Publishes Response to Proposal on BRRD2 Transposition

    HM Treasury published a document that summarizes the responses received from a consultation on the approach of UK to transposition of the revised Bank Resolution and Recovery Directive (BRRD2).

    October 15, 2020 WebPage Regulatory News
    News

    HM Treasury Publishes Response to Proposal on CRD5 Transposition

    HM Treasury published the government response to the feedback received on the consultation for updating the prudential regime of UK before the end of the Brexit transition period.

    October 15, 2020 WebPage Regulatory News
    News

    BoE Publishes Reporting Schedule for Statistical Returns

    In a recent statistical notice, BoE announced publication of the reporting schedule for statistical returns for 2021.

    October 15, 2020 WebPage Regulatory News
    News

    EC Welcomes Declaration by Member States on EU Cloud Federation

    EC welcomed the joint declaration by 25 EU member states on building the next generation of cloud in Europe.

    October 15, 2020 WebPage Regulatory News
    News

    PRA Updates Supervisory Statement on Counterparty Credit Risk

    PRA published the final policy statement PS22/20, which contains the updated supervisory statement SS12/13 on counterparty credit risk.

    October 14, 2020 WebPage Regulatory News
    News

    FSB Publishes Update on Work to Address Market Fragmentation

    FSB published an update on its work to address market fragmentation. FSB is working in this area in collaboration with the other standard-setting bodies.

    October 14, 2020 WebPage Regulatory News
    News

    EBA Proposes to Revise Guidelines on Incident Reporting Under PSD2

    EBA proposed revisions to the guidelines on major incident reporting under the second Payment Service Directive (PSD2).

    October 14, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5967