European Securities and Markets Authority (ESMA)’s Post

Since the European Single Electronic Format (ESEF) regulation was introduced, companies in the EU have been filing highly accessible and comparable annual reports in Inline XBRL. The new, digital format has improved the quality of financial reporting in the EU region. However, errors continue to creep into ESEF reports. 🔍 IRIS CARBON® analyzed the 2021 annual reports of 1,760 companies from 22 European countries and 27 industries. The findings provide valuable insights into the state of ESEF reporting quality. 𝐊𝐞𝐲 𝐇𝐢𝐠𝐡𝐥𝐢𝐠𝐡𝐭𝐬: Country-wise Summary of ESEF Reporting Quality Industry-wise Summary of ESEF Reporting Quality Common ESEF Errors and Warnings Insights on Extension Elements Lessons for Companies from the 2021 ESEF Filings Analysis For a more in-depth understanding, check out the full report here https://lnkd.in/gSZMyWhy. 💡 If you're preparing your ESEF reports for 2023, these insights can help you improve the quality of your filings and ensure compliance. Swipe through the carousel below for quick insights below #ESEF #FinancialReporting #QualityAnalysis #XBRL #ESEFMandate 

Anticipate your next ESEF report. Do you know what has changed in the ESEF reporting manual published by ESMA in 2023 ? You will find a summary of the updates that may have an impact on the preparation of your 2023 annual report in XHTML, here: https://lnkd.in/eNsNn64X. #AMANA #AMANAFrance #ESEF #XBRL #iXBRL #DisclosureManagement

Anticipez votre prochain rapport ESEF. You will find a summary of the updates that may have an impact on the preparation of your 2023 annual report in XHTML, here: https://lnkd.in/eNsNn64X. #AMANA #AMANAFrance #DisclosureManagement #ESEF #XBRL #iXBRL

ESAs (EBA, EIOPA and ESMA) to run voluntary dry run exercise to prepare industry for the next stage of DORA implementation. The ESAs invite financial entities to take part in an introductory workshop on 30 April 2024 from 10:00 to 12:00.

Important Updates to the ESEF Reporting Manual As it's nearly the weekend, we thought it best to give a quick update on the latest developments from ESMA, who released their annual update to the ESEF reporting manual this month. While there are fewer changes than in previous years, several key updates are crucial for your next filing period. 🔹 Enhanced Guidance: To boost quality, usability, and comparison, ESMA has added additional guidance on extensions and their anchors, as well as for some tagging properties, such as the date of reporting. 🔹 Block Tagging Update: ESMA confirmed that block tagging should contain HTML code to help define table structure. There's also new guidance for the @escape attribute, enhancing the meaningfulness of the extracted text block data. 🔹 New File Extension and Naming Convention: ESEF report packages will now use the .xbri extension, instead of .zip. The new naming convention is {base}-{date}-{version}-{lang}.xbri. Although this is a recommendation, it depends on your regional OAM requirements. For the final report on amending the ESEF taxonomy, click here: https://lnkd.in/gxGcA5us Have questions or need assistance? Click below to learn how ARKK can help you prepare for the next filing period and incorporate these changes seamlessly. https://lnkd.in/eMF2f_Du #ESMA #ESEF #DigitalTagging #ARKK

Two many extensions, too many inconsistent anchors in ESEF reports! This document can be considered as a starting point of what could be a “significant improvement” for reaching a well-structured hierarchical reporting taxonomy that would ease the search for tag matching a line item, the search for a specific entity disclosure wider anchor, the reduction of entity extensions.   For an ESEF reporting taxonomy: https://lnkd.in/e2mXRRki     #ESEF #ESMA #TAXONOMY #BPTF #DATAQUALITY #ANNUALREPORTS

Two many extensions, too many inconsistent anchors in ESEF reports! The quality of the XBRL data, beyond the technical validations that are automatically performed by the tools, is dependent on the implication, the understanding of the challenges and the reviews of the issuers. It is also dependent on the structure of the base ESEF taxonomy.   For an ESEF reporting taxonomy: https://lnkd.in/e2mXRRki     #ESEF #ESMA #TAXONOMY #BPTF #DATAQUALITY #ANNUALREPORTS

It is interesting that after three mandatory annual cycles of #ESEF we are still discussing issuers taking ownership of their ESEF message. Insightful blog that discusses: - considerations for digital tagging - consistency between digital and non-digital reports - internal controls for ESEF compliance - the role of auditors in ESEF reporting - steps to ensure accurate ESEF reporting Worth a read for anyone impacted by #ESEF.

Prophix's partner for European Single Electronic Format (#ESEF) reporting IRIS CARBON® did a quality analysis. Companies in the European Union have been filing highly accessible and comparable annual reports in Inline XBRL. The analysis of 1.760 EU companies’ annual reports reveals that many financial reporting teams are yet to make the best use of the resources and technology at their disposal to prepare high-quality ESEF reports. Look for the link in the comments for insights and learnings from the analysis. I have copied the difference observed by country.

We've reissued The Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities which underpins the development of all IPSASs and RPGs. Check out the new version which incorporates chapter updates released last year: https://lnkd.in/esimvFFT