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ESMA Announces Inline XBRL will be Required for IFRS Filings Starting in 2020

  • ESMA (European Securities and Markets Authority) Image

Dec 21, 2016

On December 21, 2016, the European Securities and Markets Authority (ESMA), the EU agency responsible for the rules that govern EU securities regulation and the conduct of EU public markets, announced that starting in 2020, public companies that prepare consolidated IFRS financial statements will provide them in Inline XBRL.

ESMA has not yet released the detailed technical rules that will govern this vital digitization effort. XBRL International are particularly pleased to hear that the use of iXBRL will mean that securities filings in Europe will involve a single, integrated document that can be read by humans and at the same time digitally consumed by systems to assist in analysis and comparison. 

iXBRL is used by many regulators, including, most notably, HMRC and Companies House in the UK, the Danish Business Authority, the Japanese FSA, and the US Securities and Exchange Commission. Much of this data is already available, see a UK example and a US example.

The SEC has still not approved the IASB Taxonomy, so reporting issuers filing using IFRS with the SEC should not file xbrl exhibits.

Review the press release and the feedback statement detailing responses to the consultation paper on the ESMA's website.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.