Since 1 January 2020, all European companies issuing securities/stocks within the EU are obliged to implement a new challenge: With the introduction of the new ESEF reporting, the European Securities and Markets Authority (ESMA) demands corporate reports to be prepared in XHTML format or with iXBRL technology.
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The final ESMA report of 18 December 2017 states as follows:
“All annual financial reports shall be prepared in XHTML. If the annual financial report contains IFRS consolidated financial statements, these must be marked with XBRL tags that are embedded in the XHTML document using inline XBRL technology. For the first two years, only the primary financial statements are required to be marked. After that, the entire IFRS consolidated financial statements will be tagged with XBRL tags.
The new European Single Electronic Format (ESEF) will advance the digitalization of corporate reporting. The aim is to optimize the availability and accessibility of corporate reports. A separate ESEF taxonomy has already been developed based on IFRS, with which all standard and documentation labels are available in all languages.”
XBRL will completely change the way how work with financial data is carried out in business and government organizations.