ESEF becomes European law
May 29, 2019
On May 29, 2019, the European Commission announced that it has published a regulation requiring all listed companies across the European Union to submit their annual financial statements digitally as Inline XBRL documents effective January 1, 2020 onwards.
The new European Single Electronic Format (ESEF) aims at improving accessibility and at making the information much more user-friendly. The move will also facilitate the availability of key financial information in all EU official languages. In support of these new rules, the European Securities and Markets Authority (ESMA) has prepared an ESEF Reporting Manual and ESEF taxonomy files to help companies in their preparation. The new provisions will be updated on a yearly basis to reflect possible updates to the International Financial Reporting Standards (IFRS) taxonomy, which aims to improve communication between preparers and users of financial statements.
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