This year, the focus is on two new regulations that become effective for accounting periods beginning on or after 1 January 2021: ESEF and TCFD. Our latest publications are two practical guides on these regulations, designed to answer the most frequently asked questions and provide some useful tips to get you ready ahead of the next reporting season.
ESEF (European Single Electronic Format) introduces requirements for main-market listed companies to digitise their annual report to allow for the tagging of primary financial statements and other company information. The EU-wide regulation aims to facilitate accessibility, analysis and comparability of annual financial reports by producing a single document that is both human and machine-readable.
Meanwhile, TCFD (Task Force for Climate-related Financial Disclosures) introduces requirements around the disclosure of information on climate-related risks and opportunities for premium-listed companies. The broad support for TCFD has led to the launch of a new Task Force on Nature-related Financial Disclosures(TNFD) this month, aiming to build on the TCFD recommendations to provide financial institutions with a full picture of their environmental risks and opportunities. Given the success of TCFD and the speed with which it has made its way into regulation, it’s possible TNFD will also become mandatory following its expected launch in 2023. With this in mind, alongside the rapidly growing investor support for TCFD, getting to grips with the requirements now is more important than ever.
If you’d like to request a copy of the publications: A Practical Guide to ESEF and A Practical Guide to TCFD, or arrange a meeting to discuss how the regulations will impact your reporting, contact firstname.lastname@example.org.