GRI launches consultation on new XBRL Taxonomy: Insights from Piers Horner
The Global Reporting Initiative (GRI) recently launched a public consultation for its new GRI Sustainability Taxonomy draft, open until 11 August. To delve deeper into this initiative, XBRL International recently spoke to Piers Horner, who led the development of the taxonomy:
Q1: There is a new GRI taxonomy out for consultation! What are you hoping that sustainability disclosure and XBRL experts can contribute to this effort during the consultation phase?
Yes, it’s exciting! From those familiar with GRI we want to make sure the taxonomy accurately represents the Standard’s reporting requirements. There are some features, such as disclosing omissions, that are different from other taxonomies so we want to ensure these are working well. We also want to know how we can make this taxonomy as user friendly as possible for disclosure specialists and software vendors, for example in the guidance we provide.
Q2: The GRI standards are used very widely in a number of parts of the world. How will the option to publish information in XBRL help, and where do you see that being focussed?
Having a taxonomy ensures GRI remains up to date as the global standard for impact reporting, at a time when the reporting landscape is evolving quickly. As more regulators consider mandating reporting of sustainability impacts, we need to offer a digital reference that compliments development of policy and helps ensure access to consistent sustainability data. This applies all around the world, of course.
Q3: GRI is putting a lot of effort into interoperability with both the IFRS Foundation and EFRAG. What does this mean for digital reporting, over time?
We want reporters to be able to use existing sustainability reporting to support their compliance, to help minimise burdens and ensure they do not have to compromise on the granularity or scope of their reporting. We also believe in a harmonised, global system that allows organisations to report effectively on their sustainability-related impacts, risks and opportunities, so it makes total sense to develop ways for our taxonomy to compliment others.
Q4: What comes next after the consultation process?
We aim to release the taxonomy in Q3 2024. GRI will also develop a filing portal and a webform for organisations to report smaller sets of information. These should be ready for filing to begin at the start of 2025. We will also continue developing and adding functionality to the taxonomy, for example integrating new GRI Standards and complementing the work undertaken with EFRAG to support development of the ESRS sector standards.
Q5: And where can our readers find the taxonomy and consultation questions?
You can find them on the GRI website, under GRI Sustainability Taxonomy.
