ESEF - European Single Electronic Format
We deliver a reliable, efficient and easily managed solution to address the ESEF requirements for listed businesses.
The European Single Electronic Format (ESEF) is ESMA's reporting mandate that requires all 'main market' listed companies in the UK and Europe to prepare and submit their annual financial statements digitally in iXBRL format. With ESEF, ESMA aims to improve analysis and comparability for financial statements and to make information more accessible for both businesses and auditors.
The newly introduced iXBRL format is an electronically tagged xHTML file that is different from the current PDF 'glossy' format and requires a specific iXBRL tagging or conversion technology.
Your complete ESEF service delivered by experts
We leverage the extensive experience of our iXBRL team and leading technology to provide a complete outsourced service for the tagging and production of the xHTML documents. Once the accounts have been signed off, this can be turned around within 48 hours and shared via a secure, online portal. It is a fully managed solution that requires only a light touch from the client.
The annual reporting process is already time-consuming and difficult. Use our efficient and effective solution to ensure that ESEF compliance doesn’t distract you. You can simplify your reporting, save time and be confident that your accounts are tagged correctly first time and every time.
What is ESEF?
The European Securities and Markets Authority (ESMA) have issued the European Single Electronic Format (ESEF) rules which will become mandatory in January 2022 impacting listed businesses. It allows investors and stakeholders to search the consolidated financial statements digitally as well as manually.
Who is affected ESEF?
ESEF is applicable for all main market listed businesses across the EEA and the UK.
When does ESEF apply?
For most EU firms and all UK firms, ESEF applies to all accounting periods starting on or after 1 January 2021, meaning 31 December 2021 year ends are the first in scope.
What does ESEF require?
The full Annual Report must be created in xHTML format. A digitised version of the company’s Annual report, prepared in xHTML format will be tagged with machine-readable data. The document must be made available on your website, as well as filed with your national regulator.
Our service provides you with
BDO’s XBRL Outsourced Tagging Process
Talk to us to find out how we can assist and ensure your accounts are tagged correctly first time and every time.