EFRAG’s XBRL Taxonomy Approved: A Call for ‘Digital First’ Sustainability Reporting
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January 14, 2024 The European Financial Reporting Advisory Group’s (EFRAG) Sustainability Reporting Board (ESRB) has approved the draft European Sustainability Reporting Standards (ESRS) XBRL Taxonomy. This approval marks the beginning of a 60-day consultation period, with the publication of the approved taxonomy expected in the coming weeks. This decision also signals the start for companies to prepare their sustainability disclosures in accordance with the Corporate Sustainability Reporting Directive (CSRD), which came into effect on January 1, with a “digital first” approach. Companies are urged to develop systems, processes, policies, and controls to connect their reports to the EFRAG taxonomy. By adopting a digital-first mindset, companies can ensure their data is relevant, timely, and accurate from the outset. Once digital mandates are in place and companies begin to publish digital structured reports in Inline XBRL, the required information will be immediately accessible and useful for a wide range of stakeholders. The team at EFRAG, along with the wider team including ESMA, the European Commission, and EFRAG’s Technical Expert Group, are congratulated on this achievement. To find out more details please visit : https://www.xbrl.org/ |