On the 10th May 2023 ESMA announced its decision to postpone to 2024 the 2023 annual IFRS amendment of the European Single Electronic Format (ESEF) Regulatory Technical Standard (RTS). In its decision to postpone this amendment ESMA was taken in light of the added value of increased monitoring of the ESEF implementation, the fact that there were limited changes to the 2023 IFRS Taxonomy and the impact that a system update (especially in view of the aforementioned limited changes) would have on preparers and software vendors.

ESMA committed to engage with the IFRS Foundation for the 2024 update of the IFRS Taxonomy and shall combine the IFRS Taxonomy updates of 2023 and 2024 in its proposals to update the ESEF RTS in 2024. In the meantime in 2023, ESMA shall monitor the implementation of the ESEF requirements, assess how to improve digital reporting and develop the ESEF sustainability taxonomy and requirements.

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