Spanish Securities Commission launches consultation on half-yearly reporting overhaul for listed issuers, simplifying XBRL and aligning with IFRS 17 and IFRS 18

The Spanish Securities Commission has opened a public consultation on a draft Circular that would replace Circular 3/2018 and revise the half-yearly financial reporting framework for issuers whose securities are admitted to trading on regulated markets. The proposed changes would align the regime with current transparency rules, including the removal of quarterly interim financial information and changes to submission deadlines, while also updating it for International Financial Reporting Standards 17 and 18. A central part of the proposal is to streamline the interim statistical financial information that issuers must file in XBRL. Half-yearly reporting would consist of tagged interim statistical information in XBRL, using new simplified closed templates set out separately for general issuers, credit institutions and insurance entities, plus an electronic document containing the half-yearly financial statements, the interim management report, the responsibility statement and, where applicable, the audit, limited review or special audit report. The statistical templates would cover the balance sheet, income statement, cash flow statement and other complementary information, with fewer tagged data points. The draft also seeks, where possible, to harmonize the taxonomy for interim statistical reporting with the taxonomies used for annual individual filings to the Commercial Registry under Spanish GAAP and for consolidated annual filings to the commission under IFRS. The stated aims are to reduce issuers' administrative burden, preserve comparability across issuers, and support aggregated and systematic analysis of the data.