ESEF stands for the European Single Electronic Format and will soon be coming into play from the 1st January 2022, applying to companies with financial years starting on or after 1st January 2021.
ESEF was originally introduced to provide more structure around the financial data that companies like yourselves provide. Simply put, it is the tagging and labelling of information within your reports to ensure that it is both machine-readable through XBRL, and easy for investors to compare with others in the industry.
These tags will fall in line with iXBRL which is the language used to meet the requirements of the machine-readable software.
Within the first year of requirements, you will be looking to solely tag your financial statements, however, in the following year, this will be extended to your notes. We can assume that moving into the future this may advance and open up to other aspects of your report.
Lots of acronyms and information that is quite complicated — we know. With this in mind, we’ve been working on a solution that not only helps you to tackle the ESEF requirements, but also allows you to maintain your focus on your Annual Report without any disruptions.
If you’d like to discuss ESEF, the requirements and understand how we can help you, please complete the form below and one of our Account Directors will be in touch!
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To kick start your understanding ready for our meeting, here is a short glossary of what all of these abbreviations mean:
ESEF stands for European Single Electronic Format.
Taxonomy is a dictionary of accounting terms that classify financial information.