ESMA seeks participants for ESEF field tests
30 Jun, 2017
European Transparency Directive requires that issuers listed on regulated markets in the EU must prepare their annual financial reports in a European Single Electronic Format (ESEF) from 1 January 2020. The European Securities and Markets Authority (ESMA) has concluded that Inline XBRL is the most suitable technology for issuers to report their annual financial reports in a single electronic format because it enables both machine and human readability in one document.
ESMA will now conduct field tests that will consist of transforming annual financial reports by issuers to Inline XBRL. ESMA is seeking participation from issuers on European regulated markets from all industries preparing IFRS consolidated financial statements. Participating issuers will receive free support to transform their annual financial report to Inline XBRL and thus be able to learn how the Inline XBRL format can be applied.
Plesae click for more information in the press release on the ESMA website.
