ESMA aims to facilitate the implementation of the European Single Electronic Format (ESEF) by providing to XBRL taxonomy files and Conformance Suite test files that reflect the requirements contained in the 2021 draft update to the ESEF Regulation and the 2021 update to the ESEF Reporting Manual.
The 2021 draft update to the ESEF regulation was submitted by ESMA in May 2021, it was adopted by the European Commission on 29 November 2021 and it is currently subject to the scrutiny of the European Parliament and Council. In the absence of any objections by the co-legislators, the 2021 update to the ESEF regulation should enter into force approximately by the beginning of March 2022.
The 2021 ESEF taxonomy is based on the 2021 IFRS Taxonomy, prepared and updated annually by the IFRS Foundation. The IFRS Foundation also publishes a versioning document explaining the changes compared to the previous taxonomy. The taxonomy package includes labels in all EU languages.
The ESEF Regulation requires that all issuers with securities listed on an EU regulated market prepare their annual financial reports in xHTML and mark-up the IFRS consolidated financial statements contained therein using XBRL tags and the iXBRL technology.
The 2021 ESEF taxonomy files and the updated conformance suite may be used by issuers to fulfil the ESEF obligations for their annual financial reports concerning financial years beginning on or after 1 January 2021 only after the entry into force of the 2021 update to the ESEF Regulation. Issuers may in any case continue to use the 2020 ESEF taxonomy files and conformance suite for their annual financial reports concerning financial years beginning on or after 1 January 2021.
Further information:
Dan Nacu-Manole
Communications Officer
✆ +33 (0)1 58 36 52 06
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