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In December 2019, the European Securities and Markets Authority (ESMA) introduced a new version of the European Single Electronic Format (ESEF) taxonomy to facilitate stipulated reporting of the annual financial reports. The mandate issued by ESMA states that from January 1st, 2020, onwards, all public companies in the European Union (EU) need to prepare their […]

Any new financial legislation introduced by the government can disrupt the harmonious functioning of a business. The legislation on financial reporting is capable of even throwing key decision-makers off their game in terms of compliance and being on the right side of the law. It is important to understand the processes and procedures that you […]

The start of a new decade is just around the corner. It may now be the right time to evaluate and take stock of some fundamental financial processes that run your company like a well-oiled machine. ESEF (European Single Electronic Format) is a new regulation introduced by ESMA (European Securities Markets Authority) that may disrupt […]

We all remember the world coming to a standstill in 2008 on the wake of collapse of Lehman Brothers. What started as a bank run in early 2007, slowly spearheaded into banking panic centered due to market liquidity failure. The failure in financial intermediaries saw repercussions across industries & regions, job loss & capital loss […]

Markets in Financial Instruments Directive II, or MiFID II, is an expansive set of regulations governing EU investment firms that went into effect on 3 January 2018. MiFID II, is designed to offer greater protection for investors and inject more transparency into all asset classes by considerably expanding the scope of reporting requirements, imposing new […]

Efforts to ensure tax compliance from foreign investments have increased substantially over the past decade. The Foreign Account Tax Compliance Act (FATCA) is a tax law obliging US citizens around the globe to file annual returns on their foreign holdings. FATCA was formed in 2010 as part of the HIRE Act aiming transparency in the […]

The European Securities and Markets Authority (ESMA) recently published updated taxonomy to further ease the implementation of the requirements delineated by the Regulatory Technical Standard (RTS) on the European Single Electronic Format (ESEF). The ESEF taxonomy is based on the IFRS taxonomy along with additional concepts specific for the regulation. The entire taxonomy package is available […]

XBRL, also known as eXtensible Business Reporting Language, is an open standard reporting language that was introduced with the intention of improving the quality of financial data reporting. It is a form of extensible markup language (XML) that is used across the globe today, and millions of XBRL documents are created each year. As a […]

XBRL is an abbreviation of Extensible Business Reporting Language. It is widely used for presenting data which ensures hassle-free analysis, thereby bringing down costs, time and effort of businesses. It ensures paperless reporting and is therefore gaining widespread acceptance across different parts of the world. Here are some of the major reasons why XBRL filing […]

  On 28 August 2018, the European Banking Authority (EBA) published three public consultation papers regarding changes to the Implementing Technical Standards (ITS) on supervisory reporting for reporting framework 2.9. According to the EBA, the consultation papers covered three distinct areas, being: “COREP:  major revision of securitisation templates (simple, transparent and standardised (STS) regulation); FINREP:  […]