The delegated act has not yet entered into force. The European Parliament and the Council of the European Union may raise objections to regulatory technical standards; if they raise objections, those standards should not enter into force.

The format proposed by ESMA makes use of the eXtensible HyperText Markup Language (XHTML) for the human readable representation of annual financial reports. In order to facilitate the accessibility, analysis and comparability of the consolidated financial statements prepared under the International Financial Reporting Standards (IFRS), ESMA proposes to introduce eXtensible Business Reporting Language (XBRL) markups, which will make items disclosed therein machine-readable.

The taxonomy to be used builds on the IFRS Taxonomy developed by the IFRS Foundation as the Delegated Regulation notes that the IFRS Taxonomy is a well-established taxonomy developed to mark up IFRS disclosures and its use facilitates comparability of markups of financial statements drawn up in accordance with IFRS on a global level.

Please click to access the Delegated Regulation and its Annexes on the European Commission website.