(12)As provided for in Article 4(7) of Directive 2004/109/EC, this Regulation should apply to annual financial reports containing financial statements for financial years beginning on or after 1 January 2020. In order to facilitate the smooth implementation of financial reporting in a machine-readable format, and in particular to allow issuers reasonable time to adapt to the use of XBRL technology, the mandatory marking up of notes to financial statements should apply only in respect of annual financial statements for financial years beginning on or after 1 January 2022.