ESMA announced a new ESEF iXBRL mandate in the EU, requiring issuers to file their Annual Financial Reports (AFR) in iXBRL format. The mandate will come into effect on January 1, 2020. IRIS is a global leader in the XBRL and iXBRL space, and is working with issuers in the EU to help them meet the ESEF mandate in the smoothest possible manner. In this article we’ve addressed some basic yet important questions that issuers have been asking about the upcoming ESEF mandate.
Who needs to comply with the ESEF iXBRL mandate?
All public listed companies in the EU who have securities or bonds listed on capital markets and who prepare financials using IFRS have to comply with the ESEF iXBRL mandate. Issuers are required to prepare their AFR based on IFRS standards in iXBRL format.
How is iXBRL different from XBRL?
XBRL and iXBRL are two different reporting formats. XBRL is an XML based format, and is only machine readable. iXBRL or inline XBRL, is an xHTML based format, and is both machine and human readable. Read more about the difference between XBRL and iXBRL here.
What is the relation between iXBRL and xHTML?
While iXBRL and xHTML are used interchangeably by many people in the context of ESMA ESEF reporting, they are not the same. A document in an xHTML format becomes an XBRL file if it has iXBRL tags embedded in the document. It should be noted that not all xHTML files are iXBRL.
What happens to a public company following local GAAP?
If you are a public listed company in the EU and you publish your standalone results in local GAAP, your AFR needs to be submitted in xHTML format, but the XBRL tagging requirements do not apply to you.
What is the scope of iXBRL tagging?
Issuers are required to submit their full AFR in iXBRL format with the tagging obligation covering the following:
