The European Transparency Directive requires that issuers listed on the regulated markets in the EU from 1 January 2020 must prepare their annual financial reports according to the European Single Electronic Format set out by ESMA. In 2016 ESMA has conducted and research and published a feedback statement concluding that inline XBRL is the most suitable technology to meet the EU requirement because it enables both machine and human readability in one document.
This 1,5 hour session is aimed at providing the general overview of the XBRL/iXBRL standard in the context of the new ESEF requirement. In particular, it covers the possible approaches of the ESMA Regulatory Extension to the IFRS taxonomy, focusing on technical architecture, extensibility scenarios and entity specific extensions anchoring mechanisms. Participants will learn the basics of the XBRL/iXBRL standard and how the tagging process looks like.
For over 6 years Michal has been advising various regulatory authorities and financial institutions on XBRL standard application for the purposes of business and financial reporting. He has an extensive knowledge in the areas of development, implementation and quality assurance of XBRL taxonomies. Recently, Michal has been involved in the preparation of the cost benefit analysis of the iXBRL standard application by ESMA and is currently working on the development of European Single Electronic Format [ESEF] Regulatory Technical Standard.