The European Securities and Markets Authority has published the responses it has received to its nsultation on a single electronic format (ESEF)for financial statement filings.This is part of the EU’s amended Transparency Directive,which mandates listed mpanies to prepare their annual financial reports in an ESEF from 1January 2020.The goal is to improve aessibility,analysis and mparability for investors and regulators across Europe.The paper specifically asked for mment on the use of XBRL and iXBRL.There were over 100responses received and make for interesting reading.

In our view,a range of new transformational technologies are rapidly being created,including distributed ledgers,AI supported decision making and big data supported systems that allow the enterprise to truly look across silos.Together,they herald serious new bined,these innovations will fundamentally change the way that finance and capital raising is done.Any suggestion that today’s document-centric reporting will be nearly as relevant inside 5years,let alone 10,seems implausible.

Markets and their regulators the world over need to embrace the shift from paper to structured data,including the use of XBRL,the business reporting standard.We are optimistic that policy makers in Europe,as well as in many other regions,are fully gnisant of this wider picture.The original nsultation,supporting documents and responses can be found here.

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