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All About ESEF Reporting

Converting and filing annual financial reports in ESEF iXBRL for ESMA 2020 mandate

Mandated by the European Securities and Markets Authority (ESMA) in 2017, the final draft of the Regulatory Technical Standard on the new European Single Electronic Format (ESEF) specifies that effective from 1st January 2020, all the annual financial reports published within the European Union must be prepared in digital format, using Extensible Hypertext Markup Language (XHTML).

Additionally where the report contains financial statements compliant with the International Financial Reporting Standards (IFRS), shall be tagged in XBRL (extensible business reporting language), or more specifically iXBRL (inline XBRL) format.

Issuers following country specific GAAP need to submit XHTML file instead of a PDF file.

It is estimated that about 5,300 companies will be affected by the new EU regulation. It replaces the annual finance reports in PDF version that today is filed to the national database that stores all the regulatory information of a listed company (also called OAM, Officially Appointed Mechanism)

For your benefit we have collated all relevant information related to ESEF XHTML and iXBRL reporting. The information is provided as a guide only and is not professional advice including legal advice.

All about iXBRL

XBRL, abbreviation for eXtensible Business Reporting Language, is an XML-based language for tagging...

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Why ?

Why is ESEF and iXBRL the format in which annual financial reports is to be submitted to ESMA? ...

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Who ?

Any company, regardless of whether their registered office is in the EU or in a third country, with securities listed ...

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The RTS on ESEF will apply to all issuers subject to the requirements contained in the Transparency Directive...

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By when should the ESEF report (in XHTML / iXBRL format) be submitted to ESMA through the country specific ...

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Companies have multiple options to consider when it comes to preparing their ESEF reports. The best option...

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