ESMA seeks feedback on proposals to digitalize sustainability and financial disclosures
ESMA seeks feedback on proposals to digitalize sustainability and financial disclosures
The European Securities and Markets Authority (ESMA) has started a consultation to amend the European Single Electronic Format (ESEF) requirements to include sustainability reporting and reduce financial reporting burdens.
The consultation document, which includes five appendices, suggests changes to the tagging of disclosures in the notes to IFRS consolidated financial statements and introduces new tagging rules for ESRS and Article 8 disclosures using XBRL taxonomies. A phased implementation approach is proposed, with not all sustainability disclosures being tagged immediately by all companies.
Stakeholders are encouraged to provide their feedback by 31 March 2025.
More information is available in the press release.
The consultation document, which includes five appendices, suggests changes to the tagging of disclosures in the notes to IFRS consolidated financial statements and introduces new tagging rules for ESRS and Article 8 disclosures using XBRL taxonomies. A phased implementation approach is proposed, with not all sustainability disclosures being tagged immediately by all companies.
Stakeholders are encouraged to provide their feedback by 31 March 2025.
More information is available in the press release.