welcome to this third video tutorial on
the European singer electronic format or ESEF. This tutorial aims to provide answers
in a clear and easily accessible ways to questions which asthma and national
competent authorities have frequently been asked about the ESEF regulation and
it builds on to further video tutorials which has amassed published and which
are available in asthma’s website and YouTube channel
let’s get started to whom and when will European single electronic format the
Esav regulation apply the SF regulation will apply to all issuers with security
that mislead to trading on regulated markets under the obligation to make
public annual financial reports in accordance with article 4.1 of the
transparency directive the as a freak relation will apply to annual financial
reports containing financial statements for financial years beginning on or
after 1st of January 2020 it is relevant to highlight that the deadline for
publication of annual financial reports set out in article 4.1 of the
transparency directive remains unchanged what is the single electronic format for
annual financial reports set out by the SF regulation the SF regulation
establishes that the single electronic format shall be XHTML where annual
financial reports contain consolidated IFRS financial statements certain
tagging obligations using the x barrel for Matt and inline Xperia ecology apply
it is worth highlighting that the SF regulation only deals with the format of
the annual financial report as such it does not contain provisions modifying
the content of the financial statements or of other sections of the annual
financial report what filing obligations apply for annual
financial reports prepared on the basis of the SF regulation the SF regulation
does not change the filing obligations contained in the transparency directive
in particular annual financial report seen as a format will not be filed to
ESMA but to national competent authorities on the basis of the
applicable national laws transposing article 19 of the transparency directive
which Authority will ensure that the provisions contained within the SF
regulation are complied with the SF regulation does not change
responsibilities regarding supervision and enforcement of regulated information
as set out by article 24 or the transparency directive the competent
authorities designated by member states have the responsibility of ensuring that
the provisions contained in the SF regulation are applied does the SF
regulation require issuers to submit their 20/20 annual financial reports in
xhtml even if the financial statements included therein are not consolidated
IFRS financial statements yes all issuers falling under the requirements
of article 4 or the transparency directive must publish their annual
financial reports in electronic format that is in XHTML does the SF regulation
require issuers to mark up the financial statements contained in their 2020
annual financial reports using the XBRL format inline XBRL technology even if
those are not IFRS consolidated financial statements no the SF
regulation does not require marking up of financial statements which are not
prepared on a consolidated basis regardless of whether those are prepared
using IFRS or National gap however issuers should monitor whether
additional local requirements regarding the format of separate or of individual
financial statements are introduced in their jurisdiction
does the SF regulation require interim financial reports to be prepared in
electronic format XHTML or XHTML with inline XBRL no asthma’s mandate
contained in the transparency directive regards only annual financial reports
article 4 paragraph 7 however issuers should monitor whether additional local
requirements regarding the format of interim financial reports are introduced
in their jurisdiction our issuers required to markup IFRS disclosures or
figures presented outside the financial statements where I Affairs disclosures
or figures presented outside the financial statements are part of the
financial statements and incorporated therein by cross reference for example
disclosures relating to paragraph 21 B of ios7
financial instruments disclosures then issuers are required to mark up those
figures as set out in the SF regulation in addition it is worth mentioning the
issuers are allowed on a voluntary basis to mark up IFRS disclosures or figures
presented outside the financial statements whenever such disclosures are
not part of financial statements can annual financial reports prepared in PDF
format be used to comply with the obligations contained in article 4 of
the transparency directive no the annual financial report prepared on the basis
of the SF regulation XHTML or XHTML with inline XBRL as applicable is the only
version of the annual financial report which may be used to comply with the
obligations set out in article 4 or the transparency directive it is relevant to
note however that issuers may be allowed or required by national legislations to
also publish annual financial reports in other formats to comply with obligations
stemming from other requirements can the notes to the financial
statements included in 2020 annual financial reports be tagged that is a
head of the block tagging obligation coming into force in 2022 yes issuers
can take more than what is required as a minimum by the SSF regulation they are
therefore allowed to tag the notes to the financial statements already in the
2020 annual financial reports using either block tanks or detailed tags
thank you for your attention we hope this video will be useful especially for
first-time preparers of ss annual financial reports please continue to
check asthma’s website for the latest updates

ESEF Tutorial 3 – Further implementation support for preparers

Leave a Reply

Your email address will not be published. Required fields are marked *