ESMA Preps for Machine-Readable Financial Reports for 2020

Officials say the new reporting standard will eliminate manual processing and re-keying of data from EU-based issuers' financial reports.

Steven Maijoor Esma

All EU-domiciled issuers must use the new standard, dubbed the European Single Electronic Format (ESEF), from 2020. ESEF leverages an extension of the IFRS (International Financial Reporting Standard) Taxonomy and XHTML, an extension of the HTML language used to code web pages, and embeds inline XBRL (eXtensible Business Reporting Language to tag any consolidated financial statements reported in IFRS format, making the statements structured, machine readable, and able to be transformed and used

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