Updated ESEF Taxonomy released by ESMA
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 on ESMA’s website and can be downloaded here . The taxonomy package also includes specific entry point to each of the EU languages. This means, if software provider implements those entry points in their tagging engine, filers can view the standard label of the taxonomy elements in the language of their preference easing the element selection process.
All listed issuers in EU who are publishing as per the Transparency Directive shall prepare their Annual Financial Reports (AFRs) in XHTML format starting from 1 January 2020. Where the AFRs include consolidated financial statements prepared in IFRS, they shall also be marked up with XBRL tags using the Inline XBRL technology. This makes the AFRs both human readable and machine readable. As one of the milestones to this new reporting framework, ESMA has published an updated version of taxonomy much ahead giving sufficient time to the software providers to implement in their platform.
Transition to Inline XBRL will make it much easier for investors and analysts to compare the performance of multiple companies, making benchmarking a much quicker and user-friendly process.
DataTracks is a leading global compliance reporting software and services company, providing a broad range of compliance services and solutions to seven of the top ten accounting firms, and over 14,000 enterprises worldwide. With presence across 24 countries, DataTracks helps companies to inform, decide and comply with the standards of regulators such as the SEC – USA, HMRC – UK, Revenue – Ireland, various EU regulatory authorities, ACRA – Singapore, MCA – India, and CIPC – South Africa. DataTracks drives innovation and technology to improve the way compliance reporting is done. For more information, visit www.datatracks.eu today.
Specialists in XBRL and regulatory reports
DataTracks prepares more than 14,000 XBRL statements annually for filing with regulators such as SEC in the United States, HMRC in the United Kingdom, Revenue in Ireland, Eurofiling compliance reports in Europe, ACRA in Singapore and MCA in India. Honed by our experience of preparing more than 180,000 compliance reports, our solutions and services are designed to assure quality, reliability and ease of use.