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XBRL International, Inc

XBRL International

XBRL International, Inc is the global standards development organisation that develops and manages the XBRL standard.

Lobbying Activity

Response to EU single access point for financial and non-financial information publicly disclosed by companies

14 Jan 2021

XBRL International is pleased to see the Commission's work on ESAP commence. Clearly there are a number of threshold questions that need to be answered before it is possible to provide significant technical commentary on the plans. Our initial and by no means exhaustive list includes the following: * Does the Commission intend for ESAP to support TD-required (near) simultaneous disclosures for market use of this data, or leave that to Member States? * Does the Commission intend for ESAP to support the dissemination of inside information event disclosures per Article 17 of MAR? * Does the Commission intend for ESAP to become the primary and initial mechanism by which markets are informed or for ESAP to be a secondary storage and dissemination mechanism? In other words, will the ESAP (directly or over time) replace NCAs selected OAMs? * Does the Commission intend that the ESAP will be used only for mandated dissemination regarding a range of TD-specified materials (however that may be expanded by, for example, the updated NFRD)? Or will companies be encouraged to use this mechanism and to consider ESAP disclosures to be a key interface with market participants and be permitted, for example, to provide non-mandated information and reports that might otherwise be contained only on a company web site? * In relation to the publication and discovery of digital reports beyond the existing scope of ESEF, has the Commission considered how digital (ie: in practical terms, XBRL) taxonomies can be utilised, recognised and, where necessary developed and maintained to support publication, validation, analysis and comparison? We look forward to hearing more about this initiative and engaging as appropriate.
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