What is ESEF Reporting?

In May 2019 a new European Single Electronic Format  (ESEF) regulation was published in the Official Journal of the European Union. Lead by The European Securities and Markets Authority (ESMA). January 2021 all European main-listed companies will need to prepare Annual Reports in the ESEF format which is based on the iXBRL standard and requires a final xHTML format.

The consolidated financial statements need to contain XBRL tags embedded within the XHTML file in the iXBRL format in order to combine the benefits of XBRL tagged data with the visual presentation of AFRs.

What is the difference between iXBRL and xHTML?

iXBRL – Inline eXtensible Business Reporting Language is a standard that enables a file to be both structured and human-readable as well as contain machine-readable data.

xHTML – eXtensible HyperText Markup Language is part of the family of XML markup languages. It mirrors or extends versions of the widely used HyperText Markup Language but has stricter requirements and is supported by all major browsers.

How can we help?

Arkk were the first service provider to have a tagging and support team in the UK to offer financial reporting in XBRL and iXBRL format using tagging software recognised by HMRC.

They were already known to a number of our clients through their Taxonomy expertise.

Arkk work with over 65% of the FTSE on their ESEF Reporting, converting over 7,000 accounts on an annual basis. Their iXBRL Product Manager sits on a number of task forces with the FRC and Companies House.

For more information, please get in touch with Phil Austen on +44 (0) 7747 445 071 or via pausten@perivan.com.