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EFRAG has launched on February 8th its public consultation on the 'Draft ESRS Set 1 XBRL Taxonomy'. The taxonomy will form the basis for the European Securities and Markets Authority (ESMA) to develop regulatory technical standards (RTS) for the labelling of the ESRS sustainability statement. 


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Let's talk how we can help your business.


Connect to a new world of efficiency by utilizing cleversoft’s business solutions.

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EFRAG has launched on February 8th its public consultation on the ‘Draft ESRS Set 1 XBRL Taxonomy‘. The taxonomy will form the basis for the European Securities and Markets Authority (ESMA) to develop regulatory technical standards (RTS) for the labelling of the ESRS sustainability statement.  The digital taxonomy enables marking up (‘tagging’) of sustainability reporting in machine-readable XBRL format.

The ESRS Set 1 Draft XBRL Taxonomy facilitates the digital tagging of ESRS statements by providing XBRL elements for each datapoint and dimensional disaggregation specified in the ESRS disclosure requirements.

The following documents are provided on ESRS Set 1 by EFRAG: These documents prepared by the EFRAG Secretariat are not submitted to EFRAG’s due process and are not authoritative.

  1. Draft ESRS Set-1 XBRL Taxonomy 
    This document includes explanations and is used as a basis for conclusion. It provides an insight into the methodology, technical options, and rationale behind the taxonomies. The document contains illustrations of the resulting machine-readable reporting to aid the implementation of ESRS Set 1 Taxonomy, aiming to garner more informed feedback during the consultation process.
  2. Annex 1: XBRL Taxonomy illustrated in Excel
    The excel file illustrates all data points ordered by reporting segments, paragraphs and type of datapoint. This is giving an overview of all datapoints currently in scope for ESRS.
  3. Annex 2: Illustrative examples of XBRL reports 
    This link contains examples on how the XBRL can be applied and tagged to pieces of text. The examples consist of both XBRL and XHTML files.

EFRAG is conducting consultations on the technical XBRL taxonomies, which can be found on its EFRAG website.

Timeline

The consultation period runs until 8 April 2024 and EFRAG invites all stakeholders to provide comments through online consultation questionnaires. Further information can be found on the EFRAG website on sustainability reporting taxonomies.
Once finalized, this taxonomy will be the basis for the European Securities and Market Authority (ESMA) to develop draft Regulatory Technical Standards (RTS) for tagging the ESRS sustainability statement.

The tagging rules will finally be adopted by the European Commission through a Delegated Act (DA) amending Commission Delegated Regulation (EU) 2019/815 on the European Single Electronic Format (hereafter ‘ESEF Regulation’).

cleversoft services

cleversoft is already finalizing the service design based on the current regulatory status and is preparing for the first clients onboarding. Furthermore, we will attend the XBRL workshop scheduled for February 29, 2024, presenting the ESRS Set 1 Draft XBRL Taxonomy by EFRAG. All new findings will then be implemented into our standard CSRD service. For more information, please visit our website.

If you want to learn more about the implementation of the taxonomy, please to send us a message for your CSRD and XBRL implementations.