Issuers on EU regulated markets have begun preparing their annual financial reports in Inline XBRL format. Submitted filings are tagged using the IFRS Taxonomy which is supported and maintained by the IFRS Foundation. The objectives of the ESEF initiative are to make reporting easier for issuers and to facilitate accessibility, analysis, and comparability of annual financial reports.
Initially every EU country plus the UK were slated to transition to Inline XBRL in 2021, however due to COVID-19 complications, the European Securities Markets Authority (ESMA) has allowed EU countries a one-year grace period to comply. Some countries however, including Austria, the Czech Republic, Germany, Slovenia, have opted to begin the transition this year. In many other countries, issuers have filed voluntarily.