As the same ESMA website definition “The European Single Electronic Format (ESEF) is the electronic reporting format in which issuers on EU regulated markets shall prepare their annual financial reports from 1 January 2020.”
Last week ESMA upload a tutorial of the ESEF Taxonomy. This tutorial aims to give issuers osme keys for the preparation of the inline XBRL reports following ESEF requirements. The main purpose of this regulation is “to make reporting easier for issuers and to facilitate accessibility, analysis and comparability of annual financial reports.” It contains 4 defined steps to track ESEF necessities; and it continues the first tutorial published by ESMA in November 2018.
The production process of an iXBRL report:
Familiarise with ESEF requirements – ESEF Taxonomy:
Prepare a correlation table – Extending the Taxonomy if necessary.
Extend the Taxonomy – Anchor extensions.
Review and validate the report – Publish the iXBRL report
We, from Reporting Standard, have updated the ESEF Illustrated Taxonomy for better understanding and assessment. Download ESEF Illustrated Taxonomy.
In 2013, Transparency Directive, started to check the contain of the annual financial reporting obligations for issuers to fix them in a single electronic reporting format. The European Securities and Market Authority (ESMA) developes a Regulatory Technical Standards (RTS) to stipulate this electronic reporting format.
The ESEF Taxonomy will be composed by two components:
Core Taxonomy (Annex VI of the RTS):
The list of all human readable labels.
XBRL Taxonomy Files:
RTS published on ESMA´s website.
ESEF Taxonomy is built very closely of the IFRS Taxonomy; which lists and defines specific elements to allow preparers to identify or tag the information of IFRS financial statements.
The IFRS Taxonomy elements proceed of two sources: