European Single Electronic format updated for 2025 IFRS taxonomy
European Single Electronic format updated for 2025 IFRS taxonomy
The European Securities and Markets Authority (ESMA) has issued an amendment to the European Single Electronic Format (ESEF) Regulatory Technical Standard (RTS), incorporating the 2025 update of the IFRS taxonomy.
ESMA has included the new taxonomy for IFRS 18 Presentation and Disclosure of Financial Statements as well as retained the existing taxonomy for IAS 1 Presentation of Financial Statements to assist with a smooth transition to IFRS 18.
The taxonomy of IFRS 19 Subsidiaries without Public Accountability: Disclosures was also incorporated.
The 2025 taxonomy will be mandatory for annual financial reports from financial years beginning on or after 1 January 2026. Issuers may apply it voluntarily to 2025 reports if the RTS on ESEF is adopted in time. Taxonomy elements for IFRS 18 and IFRS 19 in the ESEF 2025 taxonomy can only be used once these standards are formally endorsed by the European Union (EU).
The announcement and related documents may be accessed here.
ESMA has included the new taxonomy for IFRS 18 Presentation and Disclosure of Financial Statements as well as retained the existing taxonomy for IAS 1 Presentation of Financial Statements to assist with a smooth transition to IFRS 18.
The taxonomy of IFRS 19 Subsidiaries without Public Accountability: Disclosures was also incorporated.
The 2025 taxonomy will be mandatory for annual financial reports from financial years beginning on or after 1 January 2026. Issuers may apply it voluntarily to 2025 reports if the RTS on ESEF is adopted in time. Taxonomy elements for IFRS 18 and IFRS 19 in the ESEF 2025 taxonomy can only be used once these standards are formally endorsed by the European Union (EU).
The announcement and related documents may be accessed here.