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EU listed companies – Countdown to XBRL reporting

EU listed companies – Countdown to XBRL reporting

From January 2020, listed companies across Europe will be required to report their financial statements in the European Single Electronic Format (ESEF). This machine-readable format will make it easier for users to access, analyse and compare financial statements.

A key outstanding question for audit teams is whether there will be a requirement to audit the XBRL reports. Discussions on this point are ongoing with further details expected in June 2019.

In the meantime, auditors of EU listed entities need to:

  • read the factsheet produced by Accountancy Europe;
  • make sure their clients are aware of the new requirements; and
  • look out for further details about the audit requirements.

 

KPMG specialists are currently working with professional bodies to develop further guidance.

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