On March 27, 2022, the new ESEF taxonomy came into effect. ESEF ESMA Update includes three major changes. This means that from January 1, 2022, the new taxonomy will be used in financial statements for financial years that start after January 1, 2022, in line with Commission Regulation (EU) 2022/352. Issuers can choose to use the new ESEF taxonomy for 2021 for financial years that start on or after January 1, 2021.
The following IFRS updates have been made recently:
- rent concessions due to Covid-19,
- the IBOR transition,
- and changes to insurance contracts
The ESEF ESMA Update 2021 taxonomy also includes two changes to IFRSs. These changes include general changes to the taxonomy to make easier high-quality tagging easier, as well as new common reporting practices that were found in more than 400 digital financial statements that were analysed. Changes are made to the information in the primary financial statements and the disclosures about employee benefits. At the end of the day, more than 100 codes were added to the IFRS taxonomy.
Reporting companies should be ready for changes in a timely way.
In case your existing solution does not allow you to easily change the settings or you have done the reporting manually, we suggest that you consider a software replacement that will easily manage all future (expected) changes and additions.
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