What you need to know about the European Single Electronic Format explained in 10 key questions
In the framework of the Transparency Directive (2013/50/EU), the European Securities and Markets Authority (ESMA) introduced the requirement for a European Single Electronic Format (the ESEF) obliging the market issuers it regulates to use a single digital standard for their financial statements: namely the inline XBRL format (or iXBRL). This format will have to be used by all issuers to disclose their financial statements under IFRS accounting rules as of financial years beginning on or after 1 January 2020.
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ESEF Reporting in 10 questions
The ESEF White Paper explores the following 10 key questions: 1. What is the ESEF?
2. What are its specific features?
3. Is the adoption of the XBRL standard new in Europe? What are the differences with SEC corporate reporting requirements in the US?
4. What are the main concepts needed to understand ESEF reporting?
5. What is the preparation process for an annual report complying with the ESEF’s inline XBRL requirements?
6. When should companies start and what measures should be put in place?
7. Are market software solutions ready for ESEF?
8. How prepared are companies today?
9. What are the initial lessons learned from the field tests?
10. What is Invoke's approach and software solution for ESEF reporting?
With offices in London, Paris, Luxembourg, Lisbon and Stockholm, Invoke provides financial, regulatory and tax reporting solutions. It is a regulatory technology partner of choice for supervisory bodies worldwide, as well as financial institutions which fall under the scope of complex regulatory imperatives such as Solvency II, Basel III, FATCA, CRS/AEoI, AnaCredit, CbCR, LDR and SRF, or ESEF reporting.
Invoke is a pioneer in XBRL reporting and provides next-generation, generic, XBRL-native software tools. Invoke is notable as one of the founding members of the XBRL France non-profit association (established in 2006) and continues to hold a seat on the French Jurisdiction Board, while also being heavily involved in a number of key technical and functional working groups, both locally and at the international level as a direct member of the XBRL International consortium.
Incorporating next-generation technology, advanced data-governance, collaborative workflow and disclosure management features, Invoke software solutions associate fifteen years of technical expertise with extensive domain knowledge. They have already been successfully implemented in more than 34 countries worldwide.
Invoke won “Best Data Solution” at the InsuranceERM’s Awards in 2016 and “Best Regulatory Reporting Software” in 2017.