What does the new ESEF reporting format mean?
From the financial year 2021, it is no longer possible to submit the annual report only as a PDF. Instead, the annual report must be submitted in a format called iXBRL. We will tell you more about what this means for you and your reporting.
ESEF is the new reporting format (European Single Electronic Format) that affects all listed companies. From the financial year 2021, it is no longer possible to submit the annual report only as a PDF. Instead, the annual report must be submitted in a format called iXBRL. Financial reports must be prepared in XHTML (Extensible HyperText Markup Language) format and financial reports prepared in accordance with IFRS must be marked in accordance with a taxonomy developed by ESMA (European Securities and Markets Authority).
Labelling is done using XBRL (eXtensible Business Reporting Language) which is integrated into the XHTML format using Inline XBRL specifications. The annual and consolidated financial statements in XHTML format must be presented on the company's website and sent to the Swedish Financial Supervisory Authority when the annual financial statements are published.
The new reporting requirements aim to have a uniform reporting format within the EU that makes it easier for companies with securities (issuers) to report and makes it easier for investors and other stakeholders to find, analyse and compare financial information. Anyone can read a foreign annual report with a few clicks, as the vital parts are automatically translated into all official EU languages.
But for companies and organisations, it can be difficult to navigate through the new reporting format ESEF and all the new requirements. We at Ava help you with the annual report based on your conditions. Welcome to contact us!
