EU Secondary Legislation for Financial Reporting Formats Published
05/29/2019A Commission Delegated Regulation establishing Regulatory Technical Standards for electronic financial reporting formats under the European Transparency Directive has been published in the Official Journal of the European Union. The Transparency Directive aims to enhance the efficiency and transparency of European securities markets by obliging security issuers to provide a regular flow of information to investors. Amongst the obligations under the Directive, issuers must publish annual financial reports in accordance with certain specifications. One such specification requires that, from January 1, 2020, reports must be in a single electronic reporting format. This reporting format is now laid out in the RTS. The RTS enter into force on June 18, 2019 and will apply to annual financial reports containing financial statements for financial years beginning on or after January 1, 2020.
The RTS set out requirements around the specific electronic format in which annual financial reports should be presented, as well as detailed provisions governing which elements of the reports should be marked up and the electronic language and taxonomy which should be applied in the mark up. Issuers will be obliged to mark up any IFRS consolidated financial statements incorporated into annual financial reports; those in Member States may also mark up other parts of their reports subject to compliance with certain specifications.
View the RTS on single electronic reporting formats.
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