The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has today published the 2024 European Single Electronic Format (ESEF) XBRL taxonomy files and an update to the ESEF Conformance Suite to facilitate the implementation of the ESEF Regulation.
ESMA aims to support the implementation of the ESEF by providing XBRL taxonomy files and Conformance Suite test files that align with the requirements of the 2024 draft update to the ESEF Regulation and the 2024 update to the ESEF Reporting Manual.
Today’s publication intends to assist software vendors and issuers in preparing the 2024 IFRS consolidated financial statements using the most updated version of the ESEF format. It will also facilitate EU issuers listed on US capital markets (known as ‘Foreign Private Issuers’) in meeting their reporting obligations with the US Securities and Exchange Commission (SEC). Nevertheless, the 2024 ESEF taxonomy files and the updated Conformance Suite will only discharge issuers from their EU ESEF obligations for their annual financial reports concerning financial years beginning on or after 1 January 2024 after the entry into force of the 2024 update to the ESEF Regulation.
Issuers may alternatively use the 2022 ESEF taxonomy files and conformance suite published by ESMA in December 2022, for annual financial reports concerning financial years beginning on or after 1 January 2024.
Background
The 2024 draft update to the ESEF Regulation was submitted by ESMA in May 2024, adopted by the European Commission on 27 September 2024 and cleared the scrutiny of the European Parliament and Council on 27 December 2022 without objection.
In 2023, ESMA decided to postpone to 2024 the amendment of the ESEF RTS to reflect the limited changes of the 2023 update of the IFRS taxonomy and focus on monitoring the implementation of the ESEF requirements and how to improve the electronic reporting process. The 2024 ESEF taxonomy incorporates the latest updates to the International Financial Reporting Standards (IFRS) taxonomy from 2023 and 2024, developed annually by the IFRS Foundation. The IFRS Foundation also publishes a versioning document detailing changes from previous taxonomies. The ESEF taxonomy package includes labels in all EU languages.
Under the ESEF Regulation, all issuers with securities listed on an EU regulated market must prepare their annual financial reports in xHTML and mark-up the IFRS consolidated financial statements using XBRL tags and iXBRL technology.
Next steps
The 2024 update to the ESEF regulation will take effect on the twentieth day following its publication in the European Official Journal, which is expected by mid-January 2025.
Further information:
Dan Nacu-Manole
Communications Officerpress@esma.europa.eu
Cristina Bonillo
Senior Communications Officer press@esma.europa.eu
