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Time to plan for ESEF in your annual report.
In theory...
- 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.
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.
Vero's advice.
- 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.