What is the ESEF mandate?
The European Securities and Markets Authority (ESMA) has been tasked under the amended Transparency Directive to develop Regulatory Technical Standards for the ESEF European Single Electronic Format (ESEF). ESEF requirements create an electronic reporting format capable of being rendered in a standard web browser using XHTML. For companies that produce consolidated financial statements using International Financial Reporting Standards (IFRS), there is an additional component requiring them to tag the reports using Inline XBRL, a human readable version of the XML based eXtensible Business Reporting Language.
Who does ESMA ESEF impact?
ESMA’s ESEF mandate affects all issuers with securities listed on any regulated market in the European Economic Area (EEA). This includes companies from both inside and outside the EEA provided they are listed on any of these regulated markets. Issuers who do not produce consolidated financial statements in IFRS will be exempt from the Inline XBRL component of the ESEF mandate. However, note that ESMA is considering waiving this prohibition, but no decision has yet been taken on this. Individual Member States are implementing test filing now. So, the time to get prepared is now.
How can companies begin to prepare for ESMA ESEF?
- Conduct an assessment of your internal team’s ability to prepare and comply
- Seek out suitable, tried, and tested software and experienced services teams
- Familiarise your team with the internal changes needed to build the reporting infrastructure
- Develop a readiness timeline to ensure compliance for day
Certent is your go-to partner for ESMA ESEF reporting requirements.
Certent reduces the risk, costs, and the troubling data inaccuracies that often plague manual reporting processes. Our highly experienced services team and global network of business partners have the expertise you need to be compliant including deep experience implementing XBRL and Inline XBRL requirements.
With Certent, your company can transform financial report production to ensure data accuracy—making the processes more efficient and effective. Our expert services and support team help you address complex regulatory requirements to ensure high quality disclosures. That’s why more than 2,400 companies globally rely on Certent.
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