On January 2020 ESEF – The European Single Electronic Format, mandated by European Securities and Markets Authority (ESMA) under the Transparency Directive comes to life. The date marks a shifting point for listed companies in the EU which, according to the regulation, will be legally obliged to submit their annual financial reports in Inline XBRL.
Inline XBRL, or iXBRL, is an open standard that enables a single document to provide both human-readable and machine-readable data, thus simplifying the reporting process and reducing ambiguity and errors. ESMA is currently in the process of nalizing the ESEF taxono- my and testing its application among volunteering entities.
According to the regulation, each EU member state will be provided with one Oficially Appointed Mechanism (OAM) responsible for the storage of regulated data. In preparation for the mandate, there is a growing need to educate the market on reporting compliance, taxonomy directives and best practices on iXBRL implementation.Download Brochure (.pdf)