From January 1, 2020, companies that issue securities on a regulated market within the EU must publish their annual financial reports in ESEF format. The aim of this regulation - which results from the 2013 Transparency Directive and which the government's draft is intended to transpose into national law - is to facilitate reporting and improve the structured analysis of financial information.
What does this mean for companies?
Annual financial reports must in future be uniformly published in electronic xHTML format. This obligation also applies to individual financial statements under commercial law. In addition, consolidated financial statements that are prepared in accordance with international accounting standards (IFRS) must be labeled using "iXBRL" technology (Inline eXtensible Business Reporting Language) ("tagging").
These new requirements result in a number of technical, conceptual and technical challenges for the practice, which we will discuss in our current practical discussion. Together with renowned providers of solutions for
ESEF reporting (Workiva), we take a holistic view of the ESEF implementation and share our previous experience .
The following questions from project practice are discussed:
How are the ESEF requirements structured?
What challenges and opportunities does the ESEF bring?
What is the current status of the discussions on the review of the ESEF requirements and what are the consequences for the finalization process in Germany?
What are the alternatives when implementing the new requirements? And what considerations should you make when making these decisions?
What are the next steps and a possible project plan?
What could a possible IT solution look like (live demo)?
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