Good to Know: Key learnings from ESEF Voluntary filings
The European Commission published a Delegated Regulation on the use of the European Single Electronic Format (ESEF) whereby companies will be required to file and publish machine-readable accounts in iXBRL beginning on or after 1 January 2021. The regulation also states stipulates mandatory tagging of basic financial information with the taxonomy of the iXBRL language. […]
What you need to know about ESEF?
New Format Issued by ESMA for Annual Financial Reporting As part of the constant effort to improve transparency, ESMA has issued a new reporting format – ESEF (European Single Electronic Format), for all companies listed on the stock markets in the European Union. The primary reason for introducing a new format is to:- ● Increase […]
How is AEoI Different from FATCA and CRS?
FATCA and CRS are the two warriors of the government fighting to eradicate tax evasion. But so is AEoI. So what’s the difference? The problem is that compliance in the EU market gets overly complicated when it is compared to Automatic Exchange of Information (AEoI). And, no matter how good the initiative seems, from the […]
How XBRL submission to ESMA is different from the one to HMRC?
If you are a listed company in the UK, you are most likely, aware of the EU Transparency Directive that requires companies with equity or debt listed on an EU-regulated market, to publish their consolidated annual financial reports (AFRs) each year. In 2019, you were probably preparing to get your reports ready to be filed […]
ESMA Publishes XBRL Taxonomy and Conformance Suite to Implement ESEF
The ESEF Regulation – What it is and what it aims to do The European Single Electronic Format, also known as the ESEF regulation, was introduced to facilitate access, analysis, and comparison of annual financial reports. By allowing greater transparency and bringing the financial reporting process up a notch, the ESEF regulation is aimed at […]
Updates in Reporting Framework 3.0 and Technical Standards on Pillar 3 Disclosure
The EBA continually strives to update the reporting framework for improved consistency and quality of financial reports being submitted. In its efforts to do so, EBA has published a new reporting framework, updating the mapping of quantitative disclosure data and supervisory reporting. This framework is an update of reporting framework 2.10, which aims to foster […]
FCA has postponed the ESEF mandate by One Year
FCA Pushes Back Mandatory Requirements Related to ESEF by a Year The FCA (UK Financial Conduct Authority) has set back the mandatory requirements related to the ESEF (European Single Electronic Format) by one year. These ESEF initiatives were supposed to include:- ● Reporting requirements for preparation and filing of machine-readable financial statements. ● Electronic tagging […]
Struggling with CRD IV Reporting? Here are Common Challenges You Should Know
Even though there are several CRD IV reporting solutions available in the market, error-free CRD IV reporting is a major challenge for many organisations across the EU. Firms are facing stringent deadlines and plenitude requirements from the EBA (European Banking Authority), including new digital finance strategy, stricter rules in appointing directors, and much more. And […]
Though Less Exposed to Risks, Solvency Reporting is More Important During Pandemic.
Solvency reporting can get very complicated very quickly. Especially amidst the Covid-19 pandemic, several concerns have been raised about insurance company solvency positions. It has been brought up to the notice of the European Insurance and Occupational Pensions Authority (EIOPA) that analysts have been focusing less on making public disclosures – this can be a […]
ESEF: A New Reporting Requirement for Issuers by ESMA and it’s Benefits!
New Format Issued by ESMA for Annual Financial Reporting As part of the constant effort to improve transparency, ESMA has issued a new reporting format – ESEF (European Single Electronic Format), for all companies listed on the stock markets in the European Union. The primary reason for introducing a new format is to:- ● Increase […]
