EFRAG Initiates Public Consultation on Draft ESRS XBRL Taxonomy

EFRAG Initiates Public Consultation on Draft ESRS XBRL Taxonomy

By Prathamesh 21 February, 2024

The European Banking Authority (EBA) and the European Insurance and Occupational Pensions Authority (EIOPA) are revamping their data collection systems and processes to boost efficiency and effectiveness. The EBA has confirmed that the final DPM 2.0 metamodel has been published and is currently being tested in selected reporting frameworks, before its implementation across the entire EBA Reporting Framework v4.0.

The initiative aims to enhance flexibility, harmonize reporting, and improve efficiency. The interview also discusses the co-evolution of the DPM and the XBRL Standard, which enables more streamlined reporting. The EBA is transitioning from the xBRL-XML format to the more compact xBRL-CSV, with completion targeted by the end of 2025.

The EBA emphasizes the importance of XBRL as a fundamental component of their regulatory reporting framework. This overhaul signifies a significant step towards a future of enhanced efficiency and harmonized reporting.

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