New rules to support digitalization of companies’ financial reports

EPA/FACUNDO ARRIZABALAGA

A trader at IG Group Holding looks at computer screens in central London, Britain, 25 August 2015. European shares rebounded after a massive sell off just one day earlier lead to billions being wiped off the region's stocks amid worries about the outlook for China's economy. Stocks in London rose 2.6 per cent.

New rules to support digitalization of companies’ financial reports


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The new European Single Electronic Format was proposed today by the European Commission. It is expected to make companies’ financial records more readable and accessible.
Under the new rules, from January 2020 all listed companies will need to finalize their annual financial reports using up-to-date digitalized business reporting systems which improve accessibility, and make the information much more user-friendly.
An ESEF Reporting Manual and ESEF taxonomy files were created by the European Securities and Markets Authority, to help companies in their preparation.

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