Requirements in force from 1 January 2020 and apply to the first annual report thereafter.
Affects all companies in regulated markets.
The purpose is to facilitate the availability, analysis and comparability of annual financial reports within the EU.
The document becomes both human- and machine-readable.
Plan and proceed on the basis of the
2019 annual report.
... and in practice.
Certain information in the annual report must be marked – tagged – in accordance with IFRS’ definitions, which are referred to as taxonomy here.
Items in the consolidated income statement, balance sheet, changes in equity and cash flow analysis must be tagged.
The tagging is done using XBRL – eXtensible Business Reporting Language – which is then integrated into the XHTML format.
The tagging can be done using various tools available on the market.
Plan and prepare the work well in advance.
Select an appropriate tagging tool.
Begin to apply definitions according to the taxonomy based on the 2019 annual report.
Get help where needed.
Vero is monitoring developments and can provide advice and practical support.
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