The JURI Committee of the European Parliament adopts XBRL for the listed companies

The EU legislative process for transparency in financial reporting, to which XBRL amendments were introduced earlier in 2012, is going on. The 18 September 2012 the Legal Affairs Committee (JURI) – leading committee for that legislation - adopted its reports on relevant draft directives:

In harmonisation of transparency requirements for listed companies JURI proposes:

 

1) From 1 January 2018 all financial annual reports shall be prepared in a single electronic reporting format.

2) European Securities and Markets Authority (ESMA) shall develop standards, such as XBRL by 31 December 2015.

3) European Commission is empowered to adopt the standards.

4) Before the adoption of the regulatory technical standards the Commission, together with ESMA, shall carry out an adequate assessment of possible electronic reporting formats and conduct appropriate tests in all Member States.'

 

In the recital of the directive for annual accounts/accounting regime for non-listed entities:

 

1) The Member States are strongly encouraged to develop electronic publication systems that allow undertakings to file accounting data, including statutory financial statements, only once and in a form that allows multiple users to access and use the data easily.

2) The Commission is encouraged to explore means for a harmonised electronic format for reporting such as preparing financial statements in XBRL, such systems should, however, not be burdensome to small and medium-sized undertakings.

XBRL UK jurisdiction joins XBRL Europe and becomes its 19th member

XBRL United Kingdom has made the choice to join our efforts and to become member of XBRL Europe.

 

XBRL UK is represented by Philip Allen (This email address is being protected from spambots. You need JavaScript enabled to view it. ) and Peter Calvert (This email address is being protected from spambots. You need JavaScript enabled to view it. ). We take this opportunity to welcome our friends Philip Allen and Peter Calvert in XBRL Europe

With all the European issues at stake at the moment the weight of XBRL UK in XBRL Europe is very important for the work we carry out to network and to lobby with the European organisations. And also we will be happy to have them in our next events.

2012 December 12, 16th Eurofiling XBRL workshop and CEN Project meeting, Frankfurt, Germany

Please click on the following link to see the presentations and the various photographs:

 

2012 December 12, 16th Eurofiling XBRL workshop and CEN Project meeting, Frankfurt, Germany

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