ESMA ESEF Taxonomy
CONTEXT The European Securities and Market Authority (ESMA) is an independent EU Authority that contributes to safeguarding the stability of the European Union’s financial system by enhancing the protection of investors and promoting stable and orderly financial markets.
The European Single Electronic Format (ESEF) is the electronic reporting format in which issuers on EU regulated markets shall publish their annual financial reports from 1st January 2020.
ESMA was assigned the responsibility to develop regulatory technical standards (RTS) to specify this electronic reporting format (for details, read the Final Report on RTS on ESEF).
The European Commission published on 17th December 2018 a Delegated Act (subject to the right of the European Parliament and of the Council to express objections, for a period of three months, renewable once) which introduced the obligation for issuers to prepare annual financial reports in xHTML format; and the obligation for issuers filing IFRS consolidated financial statements to mark them up, using the XBRL markup language, in accordance with the ESEF taxonomy.
LATEST REGULATION The Commission Delegated Regulation on ESEF (CIR/815) has been published in the Official Journal of the European Union on 29th May 2019 to enter into force 20 days later. It has been modified by CIR/2100 to reflect taxonomy changes. An update, submitted by ESMA in May 2021, has been adopted by the European Commission on 29th November 2021. It is currently subject to the scrutiny of the European Parliament and Council. In the absence of any objections by the co-legislators, it should enter into force by the beginning of March 2022.
REPORTING MANUAL ESMA also published an ESEF Reporting manual for preparers, filers and software providers.
ESEF Taxonomy files
ORIGIN On 21st March 2019, ESMA has published a the ESMA ESEF taxonomy 2017 to be used for representing the IFRS consolidated primary financial statements in iXBRL. The ESEF taxonomy is an extension of the IFRS Taxonomy. The package includes entry points in all EU languages.
SUCCESSIVE TAXONOMIES The taxonomy has been updated on 20th December 2019, in a version known as ESMA ESEF taxonomy 2019. This is valid for FullYear2020 filings. The following version has been made available and valid for FullYear2020 and FullYear2021 filings : ESMA ESEF taxonomy 2020. The latest version has been published on 10th December 2021 and will enter into force at the end March 2022 for FullYEar2021 and FullYear2020 filings : ESMA ESEF taxonomy 2021.
Preparers can access the taxonomy in the form of a set of electronic XBRL files that are available in a machine-readable and freely downloadable format.
VIEW THE TAXONOMY (in all 23 language) (access the latest “ESMA ESEF XBRL Taxonomy” through a taxonomy viewer, requires to create a free login).
Relation to other taxonomies
The IFRS Taxonomy, issued by the IFRS Foundation, is the global standard that has been specifically developed to mark-up IFRS financial statements with XBRL tags and. By providing the IFRS Taxonomy, the International Accounting Standards Board can ensure that the taxonomy used is an accurate representation of International Financial Reporting Standards (IFRS Standards).
BROWSE PUBLIC TAXONOMIES INCLUDING IFRS ONES (access through a taxonomy viewer, requires to create a free login)
It is required that issuers identify themselves in the XBRL reports using the Legal Entity Identifier [LEI].
Therefore, once approved, the XBRL International LEI taxonomy will be referred by the ESEF taxonomy to provide means to identify and verify the validity of the LEI of the enterprise in the Inline XBRL report.