XBRL EU has prepared a response to the ESMA nsultation Paper on the European Single Electronic Format (ESEF). Read our story from 2 October ESMA Launches nsultation for background information.

We would like to strongly remmend those wishing to craft their own responses echo two points in particular.

First, PDF should not be relied on in transmitting business reports that need to be analysed. Users need structured data that they can rely on and PDF can’t supply that without expensive and inaurate data re-keying or interpolation. Europe risks being left behind if PDF remains a filing option.

Send and furthermore, the European Union should embrace structured data in XBRL or iXBRL form as a way to enhance trust and expand capital flows. This will deepen and enhance links between businesses across national boundaries.

Both XBRL and iXBRL are being nsidered as the ESEF standard, with ESMA calling them the “most advanced, tested and/or used options in some of the main jurisdictions in the EU and abroad”. ESMA needs to hear reinforcement from the market that this is indeed the case.

Those looking to submit mments should do so by 24 December. Click here to read the paper. Please ntact Gilles Maguet, Secretary General of XBRL Europe for more information on the response that has been developed over the last several weeks.

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