Seventh ASCG Preparer Forum on Electronic Financial Reporting according to ESEF

On 23 April 2021, the seventh ASCG’s preparer forum on electronic financial reporting according to ESEF was held as a video and telephone conference.

The seventh user forum served in particular as a platform for exchanging experiences after the first season of ESEF implementation. Accordingly, more than 75 representatives from ASCG’s members (preparers, audit firms and associations) discussed, among other things, the following topics:

• XBRL and its impact on capital market communication,
• Open exchange of experiences after the first season of ESEF implementation, and
• Filing with the German OAM (“Bundesanzeiger”).

Further, the participants discussed the proposals on the Corporate Sustainability Reporting Directive (CSRD), as published by the European Commission on 21 April 2021, which, among other things, foresees sustainability reporting to be prepared in a single electronic reporting format (ESEF) and a mark-up of disclosures on sustainability information (using a taxonomy that is yet to be developed). The participants considered the proposed scope of the draft directive, which includes all large corporations (as defined in the Accounting Directive), to be particularly noteworthy. Accordingly, under Art. 19d of the draft directive, these companies would be required to prepare their annual financial statements and management reports in a single electronic reporting format for financial years from 1.1.2023 onwards and to use a taxonomy to mark-up certain sustainability information to be disclosed in the management report, which would mean a significant increase in the number of the companies required to prepare their annual report using the ESEF format.

The preparer forum exclusively 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 members for their participation and look forward for the seventh meeting of the preparer forum on electronic financial reporting according to ESEF, which is expected to take place as a video and telephone conference in autumn 2021.