The European Securities and Markets Authority (ESMA) has published the 2024 European Single Electronic Format (ESEF) XBRL taxonomy files and an updated Conformance Suite. These resources aim to support issuers and software vendors in implementing the ESEF Regulation for annual financial reports starting January 1, 2024.
Key Updates:
- 2024 ESEF Taxonomy: Aligns with the latest IFRS updates (2023-2024) and supports multi-language labels for EU reporting.
- Conformance Suite: Provides test files for validating compliance with the 2024 ESEF Reporting Manual.
- Dual Reporting Options: Issuers may use either the 2024 or 2022 taxonomy for reports concerning financial years starting in 2024.
Broader Scope:
The updates will help EU issuers meet reporting obligations for both EU and U.S. capital markets, particularly benefiting Foreign Private Issuers listed in the U.S.
Next Steps:
The 2024 ESEF regulation update is expected to take effect 20 days after its publication in the European Official Journal, anticipated in mid-January 2025.