cleversoft group GmbH+49(0)89 288 51110
Open a Support Ticket Support
Join our newsletter
cleversoft navcleversoft nav
contact cleversoft
Join our newsletter

On 5 June 2024, European Financial Reporting Advisory Group (EFRAG) presented a paper setting out strategic adjustments to draft ESRS (European Single Reporting Standard) Set 1 XBRL taxonomies. These adjustments were informed by the feedback received during the public consultation, which ran from 8 February to 8 April 2024.


Let's talk how we can help your business.


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

contact us

Let's talk how we can help your business.


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

contact us

On 5 June 2024, European Financial Reporting Advisory Group (EFRAG) presented a paper setting out strategic adjustments to draft ESRS (European Single Reporting Standard) Set 1 XBRL taxonomies. These adjustments were informed by the feedback received during the public consultation, which ran from 8 February to 8 April 2024.

The majority of respondents agreed that the draft taxonomy effectively meets the ESRS disclosure requirements by, among other things, reusing eXtensible Business Reporting Language (XBRL) elements to avoid redundancy and enhancing narrative disclosures with semi-narrative elements.

However, several areas were identified for improvement:

  1. Mandatory and Voluntary Disclosures: Further details to specify whether an XBRL element is mandatory or voluntary, and whether it is subject to phase-in provisions.
  2. Validation Rules: Enhancement of validation rules to prevent flagging omitted tags during phase-in periods and additional rules for voluntary or alternative tags.
  3. Calculation Linkbase: Inclusion for calculation rules for many tables to ensure consistency between different reported data.
  4. Boolean Elements: Rephrasing names for better clarity, especially for elements, especially those that are negatively phrased.
  5. Tagging Non-Material Elements: Implementing explicit dimensions instead of using the “nil” attribute for more precise statements on non-material datapoints.
  6. The Hypercubes will be Closed: Instead of allowing the preparer to disaggregated facts freely, the prescribed diaggregations will be provided in the taxonomy. The voluntary additional disaggregations will be still allowed through taxonomy extensions.
  7. Separate Elements for Names and Identifiers: Splitting the elements for names and identifiers to allow for better validation of identifiers.
  8. Reporting Scope Dimension: Splitting the dimension to reflect whether the fact is a target, current measured value or restatement. This is one of the key dimensions in CSRD taxonomy and as per the current draft all these time-tags were included in one dimension.
  9. Introduction of MDR Tags: Introducing MDR tags for ESRS G1 as in the previous current draft version of taxonomy the G1 standard did not contain any metrices relating to Minimum Disclosure Requirements.
  10. Overlap Between ESRS2 and Topical Standards: simplification of tagging of narrative information about Policies, Targets and Actions in case ESRS2 MDR and topical standards.

Next Steps

cleversoft standard CSRD service

At cleversoft, we closely monitor the regulatory developments related to the CSRD and ensure that these are implemented in the CSRD service. cleversoft is already finalizing the service implementation based on the current regulatory status and is preparing for the first clients onboarding.

Our team of CSRD specialists is actively involved in all relevant workshops and events, including those hosted by efrag, to acquire firsthand insights that inform our service’s continuous enhancement.

We offer a holistic 360-degree service designed to guide financial institutions through the complexities of the CSRD. For more information about our CSRD Services, we invite you to explore our website.