The European Single Electronic Format (ESEF), which will be mandatory from 2021 for the annual financial reports of listed companies (issuers) in Europe, is a challenge for more than 5000 issuers. The European Securities and Markets Authority (ESMA) submits the ESEF technical regulation to the European Commission, which approves it and promulgates it in the Official Journal, being mandatory since then. The EU Transparency Directive is the legal framework for this model.
Technologically, ESEF involves the move to internet-oriented publication with the standard web format xhtml (instead of the classic .pdf paper-oriented), plus the standard format iXBRL to facilitate the assimilation of figures and data from financial statements directly by computers, without the need for re-keying (reliability and speed).
Is the ESEF taxonomy published in all the 23 European languages? Almost, but it’s not. While the taxonomy ESEF 2017 has published 5,157 labels for English, for the other 22 languages ESEF only has 4,610 labels. Why? Solutions? Downloads? See more here
More solutions for ESEF? See the Eurofiling list of iXBRL solutions here