ESEF (European Single Electronic Format) is an electronic reporting format that issuers on EU Regulated Markets need to follow to prepare their Annual Financial Reports (AFRs) as of January 1st 2020. This format has been developed by the European Securities and Markets Authority (ESMA) to make reporting easier for issuers and to facilitate accessibility, analysis and comparability of the AFRs. In Malta, the ESEF implementation has been postponed by a year.
RSM can help you prepare your Annual Financial Reports, ensuring that, throughout the whole process, the necessary diligence is carried out to provide you with an ESEF report that meets all the requirements set out by ESMA. We can help you:
- Transform your AFRs into ESEF reports as required by ESMA;
- Map your accounting entries to the closest accounting meaning in the ESEF Taxonomy. In cases where this does not exist, we will ensure that taxonomy elements are added and anchored as per requirements;
- Identify and select iXBRL software to output the AFRs in the required ESEF standard;
- Review and validate the outputted AFRs in ESEF format.