25 Oct What is ESEF?
London’s leading financial iXBRL compliance solutions provider is urging businesses to take advantage of its expertise in order to meet new government legislations set to go live in January 2022.
What is ESEF?
ESEF stands for the European Single Electronic Format. It is a common reporting standard for all EU countries and the UK. In the EU, it is regulated by The European Securities and Markets Authority (ESMA), and in the UK, by the FCA.
Who does it apply to?
Within the UK, the London Stock Exchange’s Main Market falls within scope but not the Alternative Investment Market (AIM).
When do I need to file it?
An issuer must make public its annual financial report at the latest four months after the end of each financial year. In the UK this applies to account periods beginning from January 2021. Originally it was set to be implemented for accounting periods beginning January 2020, but because of covid, it was delayed by 12 months. Companies could elect to make a voluntary submission for their 2020 accounts but this is not mandatory. Companies can elect to make a voluntary submission for their 2020 accounts. Although this is not necessary, it is good practice to ensure you understand the new filing regulations when they are mandatory.
For over 25 years 1STOPXBRL’s CEO has been providing financial compliance solutions to clients across the globe. From international corporations to independent financial and legal firms, service is steeped in quality, professionalism and an in-depth understanding of financial matters.
To find out more about 1STOPXBRL and how the group is helping businesses get ESEF ready, contact:
+44 (0) 20 77577470
Located in the heart of London’s financial centre, 1STOPXBRL is a quality focussed firm that specialises in providing global financial compliance solutions. Clients are offered tailor made services, backed with ISO 9001 and ISO 14001 Certification, as well as HMRC Accreditation for Accounts & Tax Computation iXBRL services. The group boasts a wide portfolio of international clients, including both large and small companies.