The European Securities and Markets Authority has published the 2024 European Single Electronic Format (ESEF) XBRL taxonomy files and an updated ESEF Conformance Suite to support implementation of the ESEF Regulation. The package is intended to help software vendors and issuers prepare 2024 IFRS consolidated financial statements in the latest ESEF format and to support EU issuers listed on US capital markets in meeting US Securities and Exchange Commission reporting requirements. The taxonomy and test files align with the requirements of the 2024 draft update to the ESEF Regulation and the 2024 update to the ESEF Reporting Manual. Use of the 2024 ESEF taxonomy and updated Conformance Suite will discharge issuers from EU ESEF obligations for annual financial reports for financial years beginning on or after 1 January 2024 only after the 2024 update to the ESEF Regulation enters into force; issuers may alternatively use the 2022 ESEF taxonomy and conformance suite for annual financial reports for financial years beginning on or after 1 January 2024. The 2024 ESEF taxonomy incorporates the 2023 and 2024 updates to the IFRS taxonomy developed by the IFRS Foundation and includes labels in all EU languages. The 2024 update to the ESEF Regulation is expected to be published in the European Official Journal by mid-January 2025 and will apply from the twentieth day following that publication.

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