ESEF becomes European law

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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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