IFRS Annual Reports in Inline XBRL
With presentations from ESMA’s Michael Komarek and PwC’s Jon Rowden and a lively debate on a number of aspects of the upcoming ESEF mandate, the XBRL Europe meeting included significant discussion about public company filings.
Key issues include open questions about:
- What will national regulators require companies to provide – will ESEF, as designed, shift EU companies to rely only on the Inline XBRL document? If not, will Europe have “dual” filing?
- Tightly connected, what will the EU decide about audit of Inline XBRL documents?
- How will design agencies and Inline XBRL software vendors work together with companies to seamlessly develop “glossy” inline XBRL annual reports?
- What can companies, users and regulators across the bloc do to ensure that reporting requirements are not fragmented across the EU?
While not all of these questions could be answered on the day, there is significant optimism that each challenge can be met, with the meeting agreeing that the vision set out by the EC in it’s EFTG framework is very much worth collaborating on to achieve. Working together to educate and engage with regulators, OAMs, preparers and their service providers is high on the agenda for the XBRL community in Europe.
