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). ESEF is ready to work in the 23 languages of the European Union.
In the ESEF taxonomy 2017, the label linkbase defines 4,610 labels, plus another 547 label-Roles different to the standard one (totalLabel, periodStartLabel, periodEndLabel, terseLabel, negatedLabel, negatedTerseLabel, negatedTotalLabel and netLabel).
Is the ESEF taxonomy 2017 published in all 23 European languages? Almost, but it’s not. While the taxonomy ESEF 2017 has published 5,157 labels, for the other 22 languages ESEF only has 4,610 labels.
Why? The 547 label-Roles are defined only in the label linkbase for English, but not for the other 22 local languages.
Impact? In languages other than English, the usual XBRL software presents about a 12% of missing labels (usually represented by the qname, id or name of the item, or English label at best) in the middle of local language labels.
How to fix it? Simply use the open source ESEF Label Linkbase Generator Program, which takes the 23 ESEF label linkbase files and generates a directory with the 22 non-English label linkbase files, now including the missing label Roles.
How it works? The document ESEF 2017 Label Roles Generator for Languages (other than English) describe each Role, case by case, with the recommended solution. Simply execute it with the ESEF 2017 files.
How to download the results? The ESEF 2017 Illustrated Taxonomy (oriented to users, with 23 languages in an Excel workbook, and the 22 non-English label linkbase files, including now the missing label Roles, are freely available here.
Copyright? CC BY NC ( attribution, no-commercial 🙂 )