This week the European Financial Reporting Advisory Group (EFRAG) published for public consultation its Draft ESRS Set 1 XBRL Taxonomy, alongside a Draft XBRL Taxonomy for Article 8 disclosures.

This marks a significant step toward enabling digital preparation and consumption of sustainability statements as mandated by the Corporate Sustainability Reporting Directive (CSRD).

EFRAG, tasked by the European Commission (EC), has developed the digital taxonomy for ESRS Set 1, published in the Official Journal of the European Union, but (much more importantly) now available on the EFRAG website. Upon finalisation, it will serve as the basis for ESMA to develop draft Regulatory Technical Standards for tagging ESRS sustainability statements.

Stakeholders can access the consultation documents and questionnaires on EFRAG’s website. The consultation period extends until 8 April 2024, with stakeholders invited to review and provide feedback through online questionnaires. The consultation includes separate questionnaires for ESRS and Article 8 disclosures, encouraging structured feedback to inform adjustments to the final taxonomies.

EFRAG will host a hybrid workshop on 29 February to present the ESRS Set 1 Draft XBRL Taxonomy. We encourage our readers to participate in the consultation and shape the future of sustainability reporting standards in Europe – your feedback is crucial in ensuring the effectiveness and usability of the ESRS XBRL Taxonomy.

Congratulations to everyone involved with getting the ESRS to this crucial stage!