Featured Product

    ESMA Seeks Volunteers for Field Tests of ESEF for Reporting

    June 28, 2017

    ESMA is specifying the electronic format, which is known as European Single Electronic Format (ESEF), in which annual financial reports from 2020 will have to be prepared. ESMA is organizing field tests with interested stakeholders to assess whether the draft rules are practicable and to determine to which extent they must be improved. Applications for this field test will be accepted until July 14, 2017.

    The field tests will consist of transforming annual financial reports by issuers to Inline XBRL instance documents, according to the draft ESEF specifications of ESMA. ESMA is seeking participation from software vendors and issuers on European regulated markets from all industries preparing IFRS consolidated financial statements. Participating issuers will receive free support to transform their annual financial report to Inline XBRL. They will thus be able to learn how the Inline XBRL format can be applied. Furthermore, the effort for their first filings, once the preparation of the annual financial report in the ESEF becomes mandatory in 2020, will be significantly reduced. Additionally, participants will have the opportunity to contribute to the development of the specifications of a ESEF that better fits their reporting needs. Several workshops will be held from the end of July until the end of August. ESMA will provide interested issuers with a list of possible dates.

     

    ESMA was empowered by Article 4(7) of the Amended Transparency Directive to draft regulatory technical standards specifying an European Single Electronic Format (ESEF) in which annual financial reports have to be prepared. ESMA carried out a consultation on this and published a feedback statement setting out the key decisions taken, which can be summarized as follows:

     

    All annual financial reports will have to be prepared in XHTML

    Where the annual financial report contains IFRS consolidated financial statements, they have to be marked-up with XBRL tags according to the IFRS Taxonomy

    The XBRL tags have to be embedded in the XHTML document through the Inline XBRL technology

     

    Related Links

    Call for Field Test Volunteers (PDF)

    Feedback Statement (PDF)

    Keywords: Europe, ESMA, Securities, ESAF, XBRL, IFRS Taxonomy

    Related Articles
    News

    APRA Consults to Standardize Submission Date for Quarterly Reporting

    APRA proposed to standardize quarterly reporting due dates for authorized deposit-taking institutions. The proposed standardized due date is 35 calendar days after the last day of the reference quarter, which will create a 14-calendar-day extension for credit unions and building societies.

    November 08, 2019 WebPage Regulatory News
    News

    EBA Publishes Methodology and Draft Templates for Stress Tests in 2020

    EBA published a package for the 2020 EU-wide stress test exercise for banks.

    November 07, 2019 WebPage Regulatory News
    News

    EC Publishes Results of Fitness Check of Reporting Requirements in EU

    EC published results of the fitness check of supervisory reporting requirements in financial services legislation in EU.

    November 07, 2019 WebPage Regulatory News
    News

    BCBS Assesses NSFR and LE Rules in Argentina and China as Compliant

    BCBS published reports that assess the implementation of net stable funding ratio (NSFR) and large exposures, or LE, framework in Argentina and China.

    November 07, 2019 WebPage Regulatory News
    News

    FSB Publishes Summary of Plenary Meeting in Paris

    At the meeting, the Plenary reviewed vulnerabilities in the global financial system, fintech developments (including developments in the crypto-asset markets), ongoing work of FSB, and the work program for 2020.

    November 07, 2019 WebPage Regulatory News
    News

    HKMA Highlights Technology Initiatives at the Hong Kong FinTech Week

    HKMA co-organized, with InvestHK, the Hong Kong FinTech Week 2019, which was a five-day flagship fintech event that attracted thousands of attendees worldwide.

    November 06, 2019 WebPage Regulatory News
    News

    ECB Report on Fallback Provisions in Contracts Referencing EURIBOR

    ECB published a report, by private sector working group on euro risk-free rates, presenting recommendations for fallback provisions in contracts for cash products and derivative transactions referencing EURIBOR.

    November 06, 2019 WebPage Regulatory News
    News

    EC Regulation on Homogeneity of Underlying Exposures in Securitization

    EC published the Delegated Regulation 2019/1851 regarding the regulatory technical standards on the homogeneity of the underlying exposures in securitization.

    November 06, 2019 WebPage Regulatory News
    News

    FSI Examines Regulatory Approaches on Climate Risk Assessment

    The Financial Stability Institute (FSI) of BIS published a paper that examines the regulatory approaches being used for climate risk assessment in the insurance sector, in particular through enterprise risk management (ERM) frameworks.

    November 06, 2019 WebPage Regulatory News
    News

    SRB Launches Q&A Process for Resolution Reporting

    SRB has setup a dedicated solution for raising questions on the resolution reporting.

    November 06, 2019 WebPage Regulatory News
    RESULTS 1 - 10 OF 4112