Aggregated News From Investment Management Regulators

ESMA integrates the 2020 IFRS taxonomy into ESEF RTS

Report/Flag

Please complete the required fields.



The European Securities and Markets Authority (ESMA), the EU securities markets regulator, today publishes a draft amendment to the Regulatory Technical Standards (RTS) on the European Single Electronic Format (ESEF).

This update provides a purely technical amendment to the original RTS on the ESEF, incorporating the 2020 version of the IFRS taxonomy published by the IFRS Foundation in March 2020.

The 2020 taxonomy will be mandatory for annual financial reports containing financial statements for financial years beginning on or after 1 January 2021. However, issuers will be allowed to adopt it already for 2020 reports on a voluntary basis.

The ESEF taxonomy is based on the IFRS Taxonomy. Therefore, as IFRS Standards and taxonomy evolve, the ESEF RTS must also evolve to provide preparers with the most relevant ESEF taxonomy for tagging IFRS consolidated financial statements.  This will promote electronic reporting that is up to date with the applicable reporting standards, facilitating implementation of the tagging requirements and ensuring the highest comparability of filings for end-users at European and global level.

Next steps

The draft RTS has been submitted to the European Commission for approval and will continue to be amended on a yearly basis to reflect updates to the IFRS Taxonomy published by the IFRS Foundation.

Regulator Information

Abbreviation: ESMA
Jurisdiction: ESMA

Recent Articles

MEGA ROYAL BANK

We believe this firm may be providing financial services or products in the UK without our authorisation. Find out why you should be wary...

Coin Value Bank

We believe this firm may be providing financial services or products in the UK without our authorisation. Find out why you should be wary...

CITY NATIONAL PLC BANK

We believe this firm may be providing financial services or products in the UK without our authorisation. Find out why you should be wary...

prospectcapital (clone of FCA authorised firm)

Fraudsters are using the details of firms we authorise to try to convince people that they work for a genuine, authorised firm. Find out...

Reopening of Comment Period for Share Repurchase Disclosure Modernization

See a PDF of the proposed rule from the Securities and Exchange Commission (SEC US) here: Read more

Get the latest from Regulatory.News in your inbox!

×