XBRL Standards Board Approves New Data and Unit Types to Support Upcoming Sustainability Disclosures

XBRL Standards Board Approves New Data and Unit Types to Support Upcoming Sustainability Disclosures

By Prathamesh 8 January, 2024
news

The XBRL Standards Board has recently approved updates to the XBRL Data Type Registry (DTR) and Units Type Registry (UTR). These updates are designed to aid in the facilitation of digital sustainability reporting.

The emergence of new sustainability reporting standards, including those published by the European Financial Reporting Advisory Group (EFRAG), has led to the need for a variety of sustainability intensity measures. These measures are reported as a metric in conjunction with a monetary unit. For instance, an enterprise might report the cubic metres of water used in the generation of €1 of revenue.

The latest entries in the Unit Type Registry and the Data Type Registry have been updated to support these types of compound reporting terms. These updates are a significant step towards enhancing the quality and comprehensiveness of sustainability reporting. They allow for a more accurate and detailed representation of an organisation’s sustainability efforts, thereby providing stakeholders with a clearer understanding of the organisation’s environmental impact.

The XBRL Standards Board’s decision to approve these updates underscores the growing importance of sustainability reporting in today’s business landscape. As more organisations strive to demonstrate their commitment to sustainable practices, the need for robust and comprehensive reporting tools becomes increasingly critical. These updates to the DTR and UTR are a testament to the XBRL Standards Board’s commitment to facilitating effective and efficient sustainability reporting.

To find out more details please visit : https://www.xbrl.org/