The IFRS Foundation comments on ESMA’s Consultation Paper on the European Single Electronic Format (ESEF)

The IFRS Foundation, which is responsible for the governance and oversight of the International Accounting Standards Board (IASB), welcomes ESMA’s proposal to use the IFRS Taxonomy™ as issued by the IFRS Foundation for structured financial reporting under IFRS.

The IFRS Foundation believes that the introduction of structured electronic reporting (which includes the use of the IFRS Taxonomy) will make a positive contribution to the healthy functioning of capital markets in Europe.

The IFRS Foundation has already concluded that structured electronic reporting complements the aim of supporting users and preparers in the varied ways by which they may want to exchange, access and process IFRS financial statements.

The IFRS Foundation is fully committed to supporting ESMA and to co-operate with other stakeholders in implementing the IFRS Taxonomy and the ESEF within Europe.

To view the public response of the IFRS Foundation, please click here.