ESMA publishes new ESEF Taxonomy 2019
ESMA published the ESEF Taxonomy 2019 just before Christmas, which must be used to publish IFRS annual reports in the iXBRL format. With the AMANA XBRL Tagger, the taxonomy can be used immediately.
On the 23.12.2019 ESMA published a new version of the ESEF Taxonomy. This taxonomy must be used for the European Single Electronic Format (ESEF) by listed companies for financial years starting in 2020. The reports to be published in iXBRL format are intended to replace the usual paper on PDF reports.
The new taxonomy is available for download and has already been announced in the European Official Journal by a change in regulation. Since the taxonomy is not human-readable.
Innovations of the ESEF taxonomy
In addition to some technical improvements, the taxonomy changes mainly concern an update of the underlying IFRS taxonomy 2017 to the 2019 taxonomy. Thus, the new ESEF taxonomy contains, among other things, the following technical innovations, which are also documented in detail on the IASB website:
- IFRS 9 Financial Instruments, (incl. IFRS 4 Insurance Contracts & Prepayment Characteristics with Negative Compensation)
- IFRS 17 Insurance Contracts,
- Improvements to the data model for discontinued business units, IAS 19 Employee Benefits and IFRS 7 Financial Instrument Disclosures,
- IFRS 13 Fair Value Measurement,
- General improvements, incl. common practice reporting.
In addition th the new taxonmy, ESMA has published accompanying technical documents.
The new taxonomy can be used in the generic and certified AMANA XBRL Tagger immediately without a tool update, for this the so-called entry point must be opened (in the menu "XBRL"->"Open/Load Taxonomy"):
https://www.esma.europa.eu/taxonomy/2019-03-27/esef_all.xsd
For more informationen about the XBRL Tagger of AMANA and webinars with live demonstrations, visit ESEF.jetzt.