Commission Delegated Regulation (EU) 2022/352

Contents

THE EUROPEAN COMMISSION,Having regard to the Treaty on the Functioning of the European Union,Having regard to Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC^note, and in particular Article 4(7) thereof,Whereas:

(1)Commission Delegated Regulation (EU) 2019/815^note specifies the single electronic reporting format, as referred to in Article 4(7) of Directive 2004/109/EC, to be used for the preparation of annual financial reports by issuers. Consolidated financial statements included therein are prepared either in accordance with International Accounting Standards, which are commonly referred to as International Financial Reporting Standards (‘IFRSs’), adopted pursuant to Regulation (EC) No 1606/2002 of the European Parliament and of the Council^note, or in accordance with IFRSs as issued by the International Accounting Standards Board (IASB) which, based on Commission Decision 2008/961/EC^note, are considered as equivalent to IFRSs adopted pursuant to Regulation (EC) No 1606/2002.

(2)The core taxonomy to be used for the single electronic reporting format is based on the IFRS Taxonomy and is an extension of it. The IFRS Foundation annually updates the IFRS Taxonomy to reflect, amongst other developments, the issuance of new IFRSs or the amendment of existing IFRSs, the analysis of disclosures commonly reported in practice, or improvements to general content or technology of the IFRS Taxonomy. Therefore, it is necessary to update the regulatory technical standards to reflect each annual update of the IFRS Taxonomy.

(3)In March 2021 the IFRS Foundation published the updated version of the IFRS Taxonomy. This update should therefore be reflected in Delegated Regulation (EU) 2019/815.

(4)Annex VI of Delegated Regulation (EU) 2019/815 currently specifies for each element of the core taxonomy a standard label (‘label’) and a documentation label (‘documentation label’). In order to facilitate a harmonised application of the requirement to mark up IFRS consolidated financial statements, it would be appropriate that this Regulation includes, where relevant, the additional label types foreseen by the IFRS Taxonomy. Therefore Annex VI should be amended to include, where relevant, additional label types.

(5)In order to allow enough time for the effective implementation of the requirements by issuers, and to minimise compliance costs, this Regulation should apply to annual financial reports containing financial statements for financial years beginning on or after 1 January 2022. However, issuers should be allowed to adopt the taxonomy specified in this Regulation already for financial years beginning on or after 1 January 2021.

(6)Delegated Regulation (EU) 2019/815 should therefore be amended accordingly.

(7)This Regulation is based on the draft regulatory technical standard submitted by the European Securities and Markets Authority to the Commission.

(8)This Regulation is a technical update to Delegated Regulation (EU) 2019/815 to reflect updates in the IFRS taxonomy and provide additional guidance to mark-up IFRS financial statements. As such it does not constitute new policy or a substantial change to existing policy. ESMA has not conducted open public consultations on the draft regulatory technical standards on which this Regulation is based, analysed the potential related costs and benefits or requested the advice of the Securities and Markets Stakeholder Group established under Article 37 of Regulation (EU) No 1095/2010 of the European Parliament and of the Council^note because doing so would have been highly disproportionate to the scope and impact of this amendment,

HAS ADOPTED THIS REGULATION: