The National Securities Market Commission (CNMV) opens a public consultation, for a period of two months, on the project of Circular regarding the semi-annual financial reports to be submitted by issuers with securities admitted to trading on regulated markets, which would repeal the current Circular 3/2018.
The future Circular aims to:
- Adapt its content to current regulations on transparency (elimination of interim quarterly financial information and modification of submission deadlines) and to international financial reporting standards (IFRS 17 and IFRS 18);
- Rationalise and simplify the scope of the interim statistical financial information to be submitted in XBRL format, defining new closed statistical models and reducing the tagged data; and
- Advance, as far as possible, in the harmonisation of the taxonomy applicable to the interim statistical financial information to be submitted in XBRL format, with the annual financial reports.
All of this with the aim of: i) reducing the administrative burdens on issuers and optimising their internal processes for reporting; ii) preserving the comparability of financial information between issuers; iii) enabling the aggregated treatment and systematic analysis of the data; and iv) indirectly promoting, as far as possible, the homogenisation of the labelling of consolidated annual financial reports.
The essential points of the project that is now submitted to public consultation are as follows:
- The submission of the semi-annual interim financial information will include the following elements:
– a interim statistical financial information prepared in XBRL (tagged), defined in annexes I (general), II (credit institutions) and III (insurance entities), containing closed and simplified statistical models of the balance sheet, income statement, cash flow statement and other complementary information; and
– an electronic document that will incorporate: the semi-annual financial statements, complete or reduced, prepared by the governing body and formulated in accordance with applicable regulations; the interim management report; the declaration of responsibility; and, where applicable, the audit or limited review report and/or the special audit report. - To use, as far as possible, for the preparation of the interim statistical financial information, the taxonomy used for submitting the annual reports, individual to the Commercial Registry (PGC taxonomy) and consolidated to this National Commission (IFRS taxonomy).
The content of this Project of Circular can be consulted at this link.