The Committee of European Securities Regulators has issued a call for evidence on the use of a standard reporting format for IFRS financial reporting of issuers with securities admitted to trading on regulated markets.
CESR considers that a standard reporting format would enable interested parties to search and use the financial and accounting information of issuers more efficiently. One format proposed is XBRL, a language for the electronic communication of business and financial data which enables information to be searched and compared easily.
CESR has requested responses on:
- whether there should be a standard reporting format and whether XBRL would be an appropriate format;
- the perceived benefits of standard reporting and the associated costs;
- the information to be reported; and
- any liability/audit issues arising from the use of a standard reporting format.
CESR’s consultation can be found at http://www.cesr-eu.org/data/document/09_859.pdf.
Comments are invited by 30 November 2009.
