04 June 2019

European Commission requires electronic tagging of financial statements using the IFRS Taxonomy

The European Commission has announced that listed companies that prepare consolidated financial statements using IFRS Standards will be required to tag their primary financial statements using the IFRS Taxonomy for financial years starting on or after 1 January 2020. The requirement is part of the European Commission’s move to the European Single Electronic Format, an electronic format for EU annual financial reports introduced to support accessibility and transparency of financial information.

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