Breaking News: Draft XBRL taxonomies for ESG reporting published – EFRAG consultation runs until April 8, 2024
The eagerly awaited first drafts of the XBRL taxonomies for sustainability reporting in accordance with CSRD are on the table. On February 8, 2024, EFRAG launched the public consultation for the draft of a complete XBRL taxonomy for Set 1 of the European Sustainability Reporting Standards (ESRS, Delegated Regulation (EU) 2023/2772). On the other hand, the draft XBRL taxonomy for disclosure in accordance with the Environmental Taxonomy Regulation (Delegated Regulation (EU) 2021/2178) has been published.
Feedback on the consultation is possible until April 8, 2024 via a web-based questionnaire. The two draft packages for the consultation can be downloaded here.
In addition to the actual taxonomies, the published documents also include an Excel version of the taxonomies, excellent sample reports and explanations of the methodology used to develop the taxonomies.
Companies that are obliged to report on sustainability in accordance with the Corporate Sustainability Reporting Directive (CSRD, Directive (EU) 2022/2464) must disclose their (group) management report in digital form in the company register in future. To this end, they must prepare their entire (group) management report in XHTML format and tag their sustainability reporting in a machine-readable format using XBRL taxonomies.
The European Commission commissioned EFRAG to draw up drafts of the taxonomies. Following the EFRAG consultation phase and subsequent revisions, the drafts are expected to be submitted to the European Securities and Markets Authority (ESMA) in summer 2024. ESMA will then prepare a draft delegated act to amend the ESEF Regulation (Delegated Regulation (EU) 2019/815). As a final step, the European Commission will adopt the final amendments. The amended ESEF Regulation will then also contain provisions on the temporal scope of the regulations.