Article 8 XBRL Taxonomy

Source: EFRAG

What is Article 8 XBRL Taxonomy?

The Article 8 XBRL Taxonomy is a collection of reporting requirements connected to the EU Taxonomy. Notably, introduced in 2020, the EU Taxonomy is a critical regulation that, in turn, supports the sustainable finance initiative in the European Union.

Development of Article 8 XBRL Taxonomy

The European Commission (EC) has therefore tasked EFRAG with developing the digital taxonomy for Article 8 disclosure requirements. Specifically, this is outlined in Delegated Regulation (EU) 2021/2178 (Article 8), which supplements Regulation 2020/852 (EU Taxonomy Regulation). Consequently, EFRAG plans to deliver the final XBRL taxonomy to the EC and the European Securities and Market Authority (ESMA) by summer 2024. ESMA will then use this taxonomy to draft Regulatory Technical Standards (RTS) for tagging sustainability reports, including Article 8 disclosures. Subsequently, the EC will adopt these tagging rules through a delegated act (DA). As a result, this act will amend Commission Delegated Regulation (EU) 2019/815 on the European Single Electronic Format (ESEF).

XBRL Taxonomy entry points

• Article 8 All Entry Point: https://xbrl.efrag.org/taxonomy/article8/2023-06-27/art8_all.xsd
• Article 8 Disclosures for non-financial undertakings: https://xbrl.efrag.org/taxonomy/article8/2023-06-27/art8_nonfinancial_undertakings.xsd
• Article 8 Disclosures for asset managers: https://xbrl.efrag.org/taxonomy/article8/2023-06-27/art8_asset_managers.xsd
• Article 8 Disclosures for credit institutions: https://xbrl.efrag.org/taxonomy/article8/2023-06-27/art8_credit_institutions.xsd
• Article 8 Disclosures for investment firms: https://xbrl.efrag.org/taxonomy/article8/2023-06-27/art8_investment_firms.xsd
• Article 8 Disclosures for insurance and reinsurance undertakings: https://xbrl.efrag.org/taxonomy/article8/2023-06-27/art8_insurance_and_reinsurance_undertakings.xsd