ESMA publishes feedback statement on ESEF consultation
22 Dec 2016
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 requirements in the Directive aim at making submission easier for issuers and facilitating accessibility, analysis and comparability for investors and regulators. In September 2015, the European Securities and Markets Authority (ESMA) launched a consultation to determine the most suitable technology to meet the ESEF requirement.
ESMA has now published a feedback statement to the consultation that concludes 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.