EFRAG publishes XBRL taxonomy for ESRS Set 1 and Article 8 disclosures
On August 30, 2024, EFRAG published the XBRL taxonomies required for the digital tagging of sustainability statements in machine-readable form. These are the XBRL taxonomy for the European Sustainability Reporting Standards, ESRS Set 1, and the XBRL taxonomy for Article 8 disclosures (EU taxonomy).
The taxonomies developed by EFRAG on behalf of the European Commission (EC) will be the basis for the European Securities and Market Authority (ESMA) to develop Regulatory Technical Standards (RTS) for tagging the ESRS sustainability statement. The final RTS will be adopted by the European Commission by way of a Delegated Act amending Commission Delegated Regulation (EU) 2019/815 on the European Single Electronic Format.
EFRAG clarified in its press release that the digital tagging of the sustainability statement under CSRD/ESRS will not be mandatory for companies until the European Commission adopts the XBRL taxonomy as part of the ESEF RTS that will be prepared by ESMA.
Further information on the XBRL taxonomies and the accompanying material can be found under the following links:
Press Release 'EFRAG publishes the ESRS Set 1 XBRL Taxonomy