Green Light for EU public company digital reports!
Just in time for the end of the year, the European Commission this week endorsed technical standards requiring Inline XBRL filings for IFRS annual reports for public companies.
The RTS that has been transmitted to the European Council and European Parliament includes a complete translation of the IFRS taxonomy into all 23 official languages used in the EU. While those translations are not yet available in taxonomy form, they will be before long. This alone creates a significant boost to transparency and will enhance the understanding of corporate disclosures.
This nearly concludes the finalisation of the EU’s delegated legislation in this area, confirming that the European Securities and Markets Authority (ESMA) are introducing ESEF (ie: Inline XBRL) as the mandatory new reporting format for reporting periods commencing 1 January 2020. In accordance with EU legislative procedure, these delegated regulations will come into force after a period in which the European Parliament and Council can express an objection.
XBRL International would like to congratulate all of those involved in this very significant effort.