We are happy to announce that the 2024 ESEF Taxonomy is now available in the Workiva platform!

As mentioned in our article for ESEF Reporting Manual and Validation Updates, the European Securities and Markets Authority (ESMA) announced and published the updated 2024 ESEF Conformance Suite and XBRL taxonomy files in January and the updated 2024 ESEF Taxonomy is now available in the Workiva platform. The 2024 ESEF taxonomy incorporates the latest updates to the International Financial Reporting Standards (IFRS) taxonomy from 2023 and 2024, developed annually by the IFRS foundation. 

ESMA announced that Issuers may continue to use 2022 ESEF taxonomy files and conformance suite for annual financial reports for financial years beginning on or after January 1, 2024. 

Next steps

Workiva highly recommends each company confirm with their local regulator to ensure they are accepting the 2024 ESEF taxonomy before migrating to the latest version. There may be timing difference for each regulator on implementing the new taxonomy and reporting packages, as ESMA announced the option to continue to accept 2022 ESEF taxonomy and reporting packages for financial years beginning on or after January 1, 2024. 

We are here to help

Should you need help with migrating to the latest taxonomy, the Workiva Professional Services team is available for any of your tagging needs.  Please don't hesitate to reach out to your Account Rep, CSM or PSM.