|
|
ESMA also publishes a reporting manual and detailed instructions to issuers to facilitate the implementation of the RTS.
Starting in 2020, all annual financial reports shall be prepared in XHMTL. This format can be opened with standard web browsers and can be prepared and displayed depending on the preferences of an individual issuer. Where the annual financial report contains IFRS consolidated financial statements, these shall be labelled with XBRL tags, making the labelled disclosures structured and machine-readable. This facilitates software supported analysis and comparison of different reports, granting investors a key tool to support their investment decisions. Furthermore, as XBRL taxonomies can contain labels in several languages, users can compare numerical information in the financial statements across issuers even though the issuers prepare their financial statements in different languages. In addition to that, for individual users of financial data, the machine-readable XBRL information is easily transformable to other formats such as SQL or Excel, avoiding onerous manual rekeying. The XBRL tags will be embedded in the XHTML document using Inline XBRL.
To allow for structured electronic reporting using XBRL, ESEF uses an extension of the IFRS Taxonomy, issued by the IFRS Foundation. This taxonomy provides issuers with a set hierarchical structure to be used to classify financial information.
Full final report on RTS on ESEF