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Ce que vous devez savoir sur les prescriptions et les rapports ESEF

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Ce que vous devez savoir sur le mandat de l'ESMA & ESEF Reporting
20 August 2020

Digital transformation is everywhere, including on the agenda of the European Securities and Markets Authority (ESMA). The EU's broader goal for a single digital market strategy includes requiring issuers to prepare their annual financial reports in a single electronic reporting format. Any new requirements from ESMA impacts issuers' regulatory compliance teams, and the mandate for a standardised EU single electronic data format is no different.

This presents an opportunity for compliance teams to enhance their business reporting processes. Below are some key facts every compliance officer and reporting team should know about the single electronic reporting format rule.

Qu’est-ce que le Format électronique unique européen ?

The European Single Electronic Format, or ESEF, is a rule mandating that issuers on EU regulated markets use a single electronic reporting data format in preparing their annual financial reports. With this rule, EU issuers will be required to produce annual financial reports that are machine-readable and more easily discoverable, bringing EU capital markets into the digital information age.

ESMA rules governing the EU single digital market strategy

The 2013 EU Transparency Directive (TD) sets the rules for ESMA and the transparency requirements of issuers. The EU Transparency Directive assigned ESMA the responsibility of developing regulatory technical standards (RTS) for the single digital reporting format. On Dec. 18, 2017, ESMA published the final draft for the RTS, setting the groundwork for ESEF reporting.

Starting Jan. 1, 2020, all EU issuers (approximately 5,300 EU companies) will be required to use the global open source XBRL electronic data reporting format when drawing up their financial reports. According to the directive, each EU member state must provide an Officially Appointed Mechanism (OAM) that is responsible for the storage and dissemination of regulated data. Therefore, additional requirements may be required on a national level.

Avantages du format de rapports électronique unique

  • Tous les émetteurs des marchés réglementés de l’UE doivent préparer leurs rapports financiers annuels au format XHTML afin qu’ils puissent être ouverts dans les navigateurs Web standards et affichés avec la mise en page prévue. Par conséquent, les rapports seront plus faciles d’accès pour le grand public.

  • All IFRS financial statements within the annual financial report shall be labeled with eXtensible Business Reporting (XBRL) standard tags, which make the labeled disclosures structured and machine-readable.

  • Les balises XBRL seront intégrées au document XHTML en utilisant la technologie Inline XBRL (iXBRL). Les balises XBRL sont encapsulées dans le document XHTML dans un jeu de documents unique, ce qui évite les activités redondantes.

  • ESEF reporting using XBRL requires the existence of a taxonomy, which is a given hierarchical structure used to classify financial information. The IFRS consolidated primary financial statements—such as income statement, balance sheet, etc.—will be marked up in detail, whereas the notes to these financial statements will carry markups that apply to whole sections (i.e., block-tagging). This makes the report easier to scan and organise by both machines and people.

Comment ESEF et XBRL interagissent

Le mandat ESEF ajoutera une nouvelle couche au marquage XBRL traditionnel. Mais d'abord: qu'est-ce que le XBRL et comment ça marche? Quelle est la différence entre XBRL et Inline XBRL? Voici une brève introduction sur les trois principaux composants de XBRL:

  1. Spécification XBRL
    The XBRL specification provides the fundamental technical definition of how XBRL works. The XBRL Specification Documentation, published by XBRL International, sets out the technical guidelines for XBRL and is aimed primarily at software professionals who are seeking to build tools that will directly create or consume XBRL documents.

  2. Taxonomie XBRL
    XBRL taxonomies are dictionaries of business terms and their corresponding tags—for example, the IFRS Taxonomy. The enormous advantage of universally accepted taxonomies, such as IFRS, is that they allow for a systematic way of naming and organising financial information into groups that share similar characteristics, thereby enriching the user experience and streamlining the preparation processes.

    The idea behind this is simple. Instead of treating information as a block of text, an XBRL taxonomy provides an identifying tag for each individual item. These tags are standardised regardless of company, industry, country, or accounting regulation. Business information reported in XBRL can be easily extracted for reuse in other reports, analytical software, and databases while retaining its original, meaningful context.

  3. Spécifications XBRL ou iXBRL en ligne
    The Inline XBRL or iXBRL specification provides a mechanism for embedding XBRL tags in XHTML documents. This allows the XBRL benefits of tagged data—such as consistency and accuracy—to be combined with a reader-friendly presentation of a report, which is under the control of the preparer.

Pourquoi les prescriptions ESEF sont une opportunité d’améliorer votre processus de création de rapports d’entreprises

With the ESEF regulation, forward-thinking issuers have an opportunity to assess their current reporting processes. An issuer can implement the mandate in ways that substantially change its reporting processes and thus improve financial reporting quality. Specifically, a cloud-based XBRL implementation strategy will improve reporting reliability as well as efficiency and sustainability, which, in turn, leads to better data governance.

With the economic uncertainty that 2020 has brought with it, for some organisations, it may not be the right time to think about process transformation. However, you should still be looking to implement the ESEF in a way that adds value to your process and changes it for the better while still offering the option to upgrade to a more complete platform when you are ready.

Alternatively, an issuer could choose to only meet the requirements with a minimum amount of disruption, opting to maintain outdated, manual efforts and undermining the goal of the single digital market strategy. This would still require preparing the XBRL document at the end of the existing process. However, without actually transforming the business reporting process, it could result in unnecessary costs and complexity, whether due to outsourcing the XBRL tagging or adding redundant steps.

Les rapports annuels demeurent un élément crucial pour une bonne compréhension d'une entreprise ' situation financière. Le passage à un environnement de déclaration électronique facilitera l'analyse, la comparabilité et l'accessibilité des états financiers annuels des émetteurs pour les parties prenantes internes et externes.

Compliance teams should embrace the adoption of the new ESEF standard as an opportunity to take a leap forward in digitalising the business reporting process, rather than seeing the new ESMA regulation as a reporting burden.

Want more insight on the ESEF?

Check out the helpful tips and guidance in these resources:

Editor's note: This blog post was originally published 6 April 2018, and has been updated.

Liv Watson
Senior Director of Strategic Customer Initiatives
Workiva

À propos de l’auteur

Liv Watson is a Senior Director of Strategic Customer Initiatives at Workiva, with a primary focus on monitoring and evaluating new market opportunities globally. She helped found XBRL International and is one of the original developers for XBRL.

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