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IFRS Foundation responds to ESMA's consultation paper on ESEF

  • IFRS Foundation (blue) Image
  • ESMA (European Securities and Markets Authority) (dark gray) Image

07 Jan 2016

The IFRS Foundation has published its comment letter on the European Securities and Markets Authority's (ESMA's) public consultation paper regarding the European single electronic format (ESEF). The IFRS Foundation supports the ESMA's consultation and welcomes ESMA's proposal to use the IFRS Taxonomy for structured electronic reporting in Europe.

The comment letter states:

The IFRS Foundation is fully committed to supporting ESMA and to co-operate with other stakeholders (including users and preparers of structured electronic reports) in implementing the IFRS Taxonomy and the ESEF within Europe.

While the IFRS Foundation's comment letter shows strong support for the ESMA's September 2015 consultation paper, the letter does note that the IFRS Foundation would "prefer that the ESMA does not prohibit the use of XBRL extensions (or any other mechanism) to structure entity-specific disclosures".

The comment letter also specifically responds to various (but not all) of the questions set out in the consultation paper. It covers the ESMA's questions relating to the policy objectives of the ESEF, the proposed use of the IFRS Taxonomy, and XBRL.

The full comment letter is available on the IASB's website.

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