ESRS XBRL Taxonomy

Source: EFRAG

What is ESRS Taxonomy?

In essence, XBRL or “Extensible Business Reporting Language,” standardizes how information is reported and shared. Moreover, in this context, it ensures consistency between providers and users of data. As part of this effort, EFRAG is creating an XBRL Taxonomy specifically for the new sustainability reporting standards (ESRS). As a result, this taxonomy will help companies organize and report their sustainability data in a structured, machine-readable format.

Development of ESRS XBRL Taxonomy

In this regard, the European Commission (EC) has tasked EFRAG with developing the digital XBRL taxonomy for the European Sustainability Reporting Standards (ESRS) Set 1. The EC adopted these standards on 31 July 2023, and subsequently, published them in the Official Journal of the European Union on 22 December 2023. Consequently, EFRAG plans to hand over the final XBRL taxonomy to the EC and the European Securities and Market Authority (ESMA) during summer 2024. On the basis of this taxonomy, ESMA will develop the draft RTS for tagging the sustainability reporting, including the tagging of the sustainability statement under ESRS. In the end, the EC will adopt these tagging rules through a delegated act (DA). Consequently, this act, in turn, will amend Commission Delegated Regulation (EU) 2019/815 on the European Single Electronic Format (ESEF).

XBRL Taxonomy entry points:

• ESRS All (importing ESRS Core, with all topics and disclosure requirements, including presentation and definition linkbases and validation rules): https://xbrl.efrag.org/taxonomy/esrs/2023-12-22/esrs_all.xsd
• ESRS Core (concepts, labels and references only): https://xbrl.efrag.org/taxonomy/esrs/2023-12-22/common/esrs_cor.xsd

ESRS data points

• EFRAG IG 3 – List of ESRS Data points

• EFRAG IG 3 – ESRS Data Points – Explanatory Data Points

Educational Videos

How to use digitally tagged ESRS statement