ESMA Updates the ESEF Reporting Manual
On the 9th of July ESMA published an update to the ESEF Reporting Manual, which is aimed to help preparation of annual financial reports in Inline XBRL. The update expands existing guidances while at the same time reflecting a number of technical developments within the field.
If your work entails ESEF reporting, you have probably already crossed paths with the manual. ESMA produces the manual in order to assist issuers and software vendors in their creation of Inline XBRL documents that are compliant with the RTS on ESEF. Last week ESMA published the most recent update to the manual.
The manual can be found via ESMA’s website or by clicking here.
The updated version of the reporting manual contains more than twenty updates to the guidances found within the manual. The updated guidances cover everything from the naming conventions for extension taxonomy files to language labels and definitions of extended link roles in extension taxonomies.
You can find a full list of the updates in the “Summary table of updates” on page four of the manual.
What Is the ESEF Reporting Manual?
ESMA created the manual as a way to provide guidance with commonly encountered issues related to creating iXBRL documents. The manual was first published in December of 2017. ESMA first updated the manual in July 2019 and now in July 2020. And the 2020 update is probably not the last we’ll ever see. ESMA has stated that they will continue to monitor developments in the market as well as gather feedback from stakeholders, so they can provide further guidance.