ESEF stands for European Single Electronic Format. It is a format of reporting that is mandated by the European Stocks and Markets Agency (ESMA) for all Annual Financial Reports from 1st of January 2020.
Why is UKSEF and iXBRL the format in which annual financial reports and financial statements is to be submitted to FCA NSM? Learn more about advantages for the regulator, issuers and consumers.
Any company, regardless of whether their registered office is in the UK or in a third country, with securities listed on a regulated UK or European exchange will be required to conform to ESEF reporting requirements.
The online UKSEF pack filed through the FCA NSM will need to consist of Annual Financial Report in XHTML and Statutory financial statements of the legal entity in iXBRL (using right taxonomy)
Companies have multiple options to consider when it comes to preparing their annual reports in UKSEF format. The best option will depend on the resources available in house.