EFRAG Taxonomy Approved!
At its meeting this week, EFRAG’s Sustainability Reporting Board (ESRB) approved the draft European Sustainability Reporting Standards (ESRS) XBRL Taxonomy.
Congratulations to the team at EFRAG and the wider team supporting them, including the policy and digital teams at ESMA and the European Commission, EFRAG’s Technical Expert Group and its independent expert taxonomy advisory committee, the Digital Reporting Consultative Forum. The publication of the approved taxonomy (expected within a few weeks) will mark the start of a 60-day consultation period. Your input is vital!
This decision is also the starting gun for companies that need to prepare their sustainability disclosures in accordance with the CSRD (which came into effect on 1 January) to do so with a “digital first” mindset.
We urge companies to develop systems, processes, policies and controls around the collation and management of this data set in a manner that connects their reports to the EFRAG taxonomy. By thinking digital first, companies can ensure that their data is relevant, timely and accurate from the get go. Not only that, but once digital mandates kick in and they start to publish digital structured reports in Inline XBRL, the information required will be immediately accessible and useful for a wide range of stakeholders.
The approved taxonomy will be available on EFRAG’s website for review and feedback very soon – watch this space for updates.
