EFRAG publishes consultation drafts of two XBRL taxonomies

On 8 February 2024, EFRAG published the draft XBRL taxonomy for Set 1 of the European Sustainability Reporting Standards (ESRS, Delegated Regulation (EU) 2023/2772) and the draft XBRL taxonomy for reporting in accordance with the Taxonomy Regulation (Delegated Regulation (EU) 2021/2178) and launched a public consultation. Feedback on the consultation is possible until 8 April 2024 via a web-based questionnaire. In addition to the actual taxonomies, the published documents also include an Excel version of the taxonomies, illustrative examples of XBRL reports, explanatory notes and Basis for Conclusions (the documents are only available via the link to the consultation questions at the time of publication of this news: #1 and #2).

Background: Under the Corporate Sustainability Reporting Directive (CSRD, Directive (EU) 2022/2464), undertakings subject to sustainability reporting obligations must in future disclose their (group) management report in digital form. To this end, they must prepare their entire (group) management report in XHTML format on the one hand and tag their sustainability reporting in a machine-readable format on the other. The machine-readable tagging of the sustainability disclosures is carried out using so-called XBRL taxonomies.

The European Commission had tasked EFRAG with preparing 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 time period of application of the regulations.

The ASCG will participate in this consultation and has established the “Arbeitskreis Digitale Nachaltigkeitsberichterstattung” (Digital Sustainability Reporting working group) in cooperation with XBRL Germany.