EU Member States have accepted the amendments to the Directive on the Harmonisation of Transparency for listed securities requiring “A harmonised electronic format for reporting” and the specification of an “electronic reporting format, with due reference to current and future technological options, such as eXtensible Business Reporting Language (XBRL).”

Given the results obtained through a cost-benefit analysis undertaken by ESMA, the preparation of annual financial reports in a single electronic reporting format should be mandatory with effect from 1 January 2020. ESMA should develop draft regulatory standards for adoption by the Commission, to specify the electronic reporting format, with due reference to current and future technological options, such as eXtensible Business Reporting Language (XBRL).

Source: Council of the European Union.