EC and Inline XBRL
Right at the end of 2018 the European Commission endorsed the technical standards (RTS) requiring Inline XBRL filings for IFRS annual reports for public companies from 2020.
In order to be approved the IFRS taxonomy was translated into all 23 official languages used across the EU – a mammoth task that will provide a significant boost for transparency make a range of corporate disclosures, especially from smaller companies, more accessible and more discoverable.
This nearly concludes the EU’s process for establishing the new legislation and confirms European Securities and Markets Authority (ESMA) are introducing ESEF (ie: Inline XBRL) as the mandatory new reporting format for reporting periods commencing 1 January 2020. In accordance with EU legislative procedure, these delegated regulations will come into force after a period in which the European Parliament and Council can express an objection.
