The EU’s securities markets regulator has published a draft amendment to the regulatory technical standards (RTS) on the European Single Electronic Format (ESEF).
The European Securities and Markets Authority’s (ESMA) update is set out to be a purely technical amendment to the original RTS on the ESEF, incorporating the 2020 version of the IFRS taxonomy published by the IFRS Foundation in March 2020.
The 2020 taxonomy will be mandatory for annual financial reports containing financial statements for financial years beginning on or after 1 January 2021. However, issuers will be allowed to adopt it already for 2020 reports on a voluntary basis.
The draft RTS has been submitted to the European Commission for approval and will continue to be amended on a yearly basis to reflect updates to the IFRS Taxonomy published by the IFRS Foundation
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