ESMA highlights next steps for ESEF and ESAP
At XBRL Europe’s Digital Reporting in Europe this week, ESMA’s Eduardo Moral Prieto provided an update on key developments relating to the European Single Electronic Format (ESEF) and the European Single Access Point (ESAP), highlighting both regulatory progress and upcoming implementation priorities.
On the ESEF front, ESMA outlined major milestones linked to the adoption of IFRS 18 and IFRS 19 taxonomies, including updated Regulatory Technical Standards (RTS), revised reporting guidance, and the release of updated taxonomy files and conformance suites for FY2026 reporting. ESMA also emphasised supervisory convergence and data usability, noting continued enforcement activity across Europe, including a focus on XBRL tagging quality. Upcoming work will include consultations exploring tagging rules for sustainability disclosures and detailed tagging of notes to financial statements, improvements to the Reporting Manual, AI-supported quality assurance, and testing of tagging validation rules.
The presentation also provided an overview of ESAP implementation. ESAP aims to create a centralised EU-wide access point for financial and sustainability-related disclosures, with phased implementation running from 2026 through 2030. ESMA highlighted key operational principles, including harmonised submission processes, mandatory use of Legal Entity Identifiers (LEIs), and strict time limits requiring collectors to transmit information to ESAP within 60 minutes. Work is now progressing on testing with national authorities, implementation support, and developing a user-friendly ESAP website.
Find the presentation, when available, on the event website.
