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ESMA invites issuers and software vendors to field test the European Single Electronic Format

30/06/2017

The European Securities Markets Authority (ESMA) has published a call for volunteers regarding the field test of the European Single Electronic Format (ESEF).

In this field test, ESMA will support issuers to transform their annual financial reports to the Inline XBRL format, which is the format proposed by ESMA to be mandatorily used from 2020 by all issuers preparing IFRS consolidated financial statements.

ESMA is seeking participation from:

  • issuers on European regulated markets from all industries preparing IFRS consolidated financial statements; and

  • software vendors offering solutions allowing to create Inline XBRL reports.

Participating issuers will be able to learn how the Inline XBRL format can be applied.

Furthermore, the effort for their first filings, once the preparation of the annual financial report in the European Single Electronic Format becomes mandatory in 2020, will be significantly reduced.

In addition, participating companies will have the opportunity to contribute to the development of the specifications of a European Single Electronic Format that better fits their reporting needs.

Applications to ESMA are due by Friday, 14 July 2017. Workshops are being held from the end of July 2017 until the beginning of September 2017.

ESMA is inviting Issuers and software vendors interested in participating in the field tests to send an e-mail to [email protected].

Details of the project are available on the ESMA website at https://www.esma.europa.eu/press-news/esma-news/esma-seeks-volunteers-field-tests-european-single-electronic-format-esef

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