Summary
The European Parliament has approved an update to the digital format used by companies for their annual financial reports, ensuring alignment with international accounting standards. 9 15.12.2020
Other
finance
administrative law
business and competition
information technology and data processing
Key points
- The European Parliament has approved an update to the digital standards used for electronic financial reporting.
- The update integrates the latest International Financial Reporting Standards (IFRS) into the reporting system.
- The new rules are mandatory for financial reports covering periods starting on or after January 1, 2021.
- Companies have the option to adopt these new standards early, starting from financial years beginning on or after January 1, 2020.
Documents (PDFs)
RECOMMENDATION FOR A DECISION to raise no objections to the Commission Delegated Regulation of 6 November 2020 amending Delegated Regulation (EU) 2019/815 as regards the 2020 update of the taxonomy laid down in the regulatory technical standards for the single electronic reporting format
Non objection to a delegated act: The 2020 update of the taxonomy laid down in the regulatory technical standards for the single electronic reporting format
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