Update 2022 of the core taxonomy adopted as ESEF Regulation

On 30 December 2022, the fifth version of the European Commission’s Delegated Regulation (EU) 2022/2553 of 21 September 2022 supplementing Directive 2004/109/EC of the European Parliament and of the Council as regards regulatory technical standards for the specification of a single electronic reporting format (ESEF) was published in the Official Journal of the European Union.

This Regulation amends the previous version of Regulation ((EU) 2022/352 of 29 November 2021 (we reported). This update of the ESEF Regulation adopts the new version of ESMA’s core taxonomy to be used for ESEF. The core taxonomy is now based on the 2022 annual update of the IFRS Taxonomy published by the IFRS Foundation in March 2022.

The Taxonomy Update 2022 applies to financial years beginning on or after 1 January 2023. However, issuers are allowed to adopt the core taxonomy 2022 specified in this Regulation for financial years beginning before 1 January 2023.

The core taxonomy to be used for ESEF is developed by ESMA and builds on or is an extension of the IFRS Foundation taxonomy. The IFRS Foundation annually updates the IFRS Taxonomy to reflect, amongst other developments, the issuance of new IFRSs or the amendment of existing IFRSs, the analysis of disclosures commonly reported in practice, or improvements to general content or technology of the IFRS Taxonomy. Therefore, the regulatory technical standards are updated accordingly to reflect each annual update of the IFRS Taxonomy.