Our Director of reporting intelligence, Mei Ashelford has been reaching out to her contacts at the FRC, ICAEW and Big Four, and meeting with ESEF service providers to get some clarity over both the regulations and services available on the market.
There are still some unknowns, so please don’t panic if you feel that you are behind the curve; you are not. The FCA (who is implementing the legislation in the UK) is noticeably quiet and although the FRC is aware that greater clarity is required around ESEF, they have to wait for BEIS (Department for Business, Energy and Industrial Strategy) and the FCA to issue clarifications before they can issue further guidance.
The Financial Reporting Lab at the FRC has a live ESEF work stream and we would expect them to issue guidance as soon as they are able. Despite some areas of uncertainty, it is never too early to get started. There is still a lot that you can and need to do before the year end which you can start thinking about now.
All of which is outlined in more detail in our ESEF guidance.
Please get in touch with Will Davenport at firstname.lastname@example.org if you are interested in receiving a copy.