No need for an electronic format for the purpose of financial reporting in Europe

Deutsches Aktieninstitut is concerned about a possible mandatory use of an single European electronic format for financial reports of listed companies. This is principally forseen in the revised Transparency Directive. The critique holds true for a possible mandatory implementation of XBRL (eXtensible Business Reporting Language) in particular. This comment summarises Deutsches Aktieninstitut's point of view for the purpose of an impact assessment which is currently conducted by an international consultant on behalf of ESMA. The result of the assessment will predetermine whether there will be a mandatory electronic reporting format in future.