First ASCG Preparer Forum on Electronic Financial Reporting according to ESEF

On 27 November 2019, the ASCG’s preparer forum on electronic financial reporting according to ESEF met for the first time.

More than 50 representatives from ASCG’s members (companies, audit firms and associations) discussed, among other things, the following topics:

• Implementing iXBRL in business practice
• European legal framework of ESEF
• Practical experiences with taxonomy updates and tagging information in the notes
• Legislative implementation of ESEF in Germany

Following the very positive experience with our preparer forums on IFRS 15 Revenue from Contract with Customers, IFRS 16 Leases and Group Management Reporting in accordance with GAS 20 and the positive response to them, we decided to also hold a preparer forum on electronic financial reporting according to ESEF, exclusively for our members.

The event was motivated by the draft bill (draft) of a law to implement the amendments to the EU Directive 2013/50/EU (Transparency Directive Amendment Directive) with regard to a uniform electronic format for annual financial reports, which was submitted on 20 September 2019 by the Federal Ministry of Justice and Consumer Protection, together with the Federal Ministry of Finance.

The preparer forum provides our members with insights into current developments and serves as a platform to discuss issues related to the implementation of electronic financial reporting according to ESEF. We would like to thank our member companies and association for their participation and look forward for the second meeting of the preparer forum on electronic financial reporting according to ESEF, which will likely take place in March 2020.