Feedback wanted on UK readiness for ESEF
Is the UK ready to implement the Inline XBRL-based European Single Electronic Format (ESEF)? What has the experience of filers been like so far, and what further support is needed? If you have thoughts, the UK Financial Reporting Council (FRC) wants to hear them! Its Financial Reporting Lab has created a short survey, with responses due by 25 June 2021.
As in many European countries, mandatory ESEF reporting was postponed this year due to the Covid-19 crisis. The majority of companies chose to take advantage of this breathing space, although some took the opportunity to test out ESEF voluntarily. The FRC hopes that the survey will help it to understand the readiness of filers and software providers to implement ESEF in 2021, as well as their experiences so far, and that this will usefully feed into future guidance materials, events, and other work to help companies prepare. They are also keen to hear from investors and other potential users of ESEF data.
Read more here.