EFRAG publishes the ESRS Set 1 XBRL Taxonomy

On August 30, EFRAG released the XBRL taxonomy for ESRS Set 1, featuring significant updates and enhancements. These improvements aim to streamline and enhance the accuracy of reporting under the European Sustainability Reporting Standards (ESRS), benefiting companies that integrate these standards into their sustainability reports.

Key Changes and Improvements:

• Enhanced Validation Rules: New validation rules introduce a calculation framework that aids companies in identifying and correcting potential errors. This ensures that reports remain accurate and consistent.
• Precise References to XBRL Elements and Data Points: Enhanced links between XBRL elements and data points now align directly with ESRS text, indicating which data points are mandatory, voluntary, or conditional. This improves transparency and clarity in reporting.
• Refined Yes/No Elements: The Yes/No elements have been updated to allow clear, positive or negative responses, simplifying interpretation and traceability.
• Streamlined XBRL Data Structure: The data structure now includes better linkages across different data groups, enabling a more coherent and cohesive information presentation.
• Optimized Text Blocks: Redundant elements in text blocks have been removed, and elements previously used in environmental standards are reused, reducing complexity and improving efficiency.

These updates make it easier for companies to meet reporting requirements with higher data quality and accuracy. The XBRL taxonomy release represents a significant step forward in developing ESRS reporting.

Visit EFRAG's official website for more details on the new XBRL taxonomy and its application.