Wednesday, December 21, 2016

ESMA Chooses iXBRL as Single Electronic Format

Earlier today, the European Securities and Markets Authority (ESMA) announced that starting in 2020, all publicly listed companies in the EU that report consolidated IFRS financial statements must provide them in Inline XBRL. The decision was made primarily because the use of Inline XBRL enables a single document to be both machine-readable and human-readable. 
Steven Maijoor, ESMA Chair, said “Financial reports are crucial for a full understanding of a company’s situation and moving to electronic reporting will facilitate analysis, comparability and accessibility of issuers’ financial statements."
"We believe that the vast pool of free, structured financial information that will emerge once electronic reporting starts will trigger technological innovation. The Inline XBRL format has the potential to bring financial reporting into the digital age.”

This is an important announcement for the community, and XBRL International strongly supports this move towards improved business reporting across Europe. We'll have much more on this in tomorrow's newsletter. 

Read the ESMA press release and the feedback statement detailing responses to the consultation paper. 

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