The Committee of European Auditing Oversight Bodies published revised guidelines
Annual financial reports from issuers of the securities traded in the European financial markets must be published in the European Single Electronic Format – ESEF – for financial years beginning on January 1, 2020. In the future, IFRS consolidated financial statements must be published in the form of “Inline XBRL® data” – a “hybrid type” document, on the one hand like a website “readable for human eyes” (xHTML), supplemented by selected machine-readable XBRL®structural information.
The entire process chain is affected by the digital transformation, starting with the preparation of the consolidated financial statements by the issuer, auditing by auditors, preparation of the financial statements by external agencies, publication or disclosure, to use by service providers or ultimately investment professionals and investors.
"The desired economic effects will only materialize insofar as the digital transformation actually reaches data users, investment professionals and investors."