EFRAG advances the revised ESRS toward a digital taxonomy
EFRAG has released an interactive version of the revised European Sustainability Reporting Standards (ESRS) and Voluntary Standard on its ESRS Knowledge Hub this week. On the digital side, it confirmed that the draft datapoint list and draft XBRL taxonomy for the revised standards were to go before its Sustainability Reporting Board (SRB) yesterday, 29 July.
The document set covers the revised topical ESRS standards and the Voluntary Standard (formerly VSME) as adopted by the European Commission on 3 July, delivered with useful navigation tools. These include an interactive glossary, links back to the corresponding 2023 ESRS paragraphs, a version showing how the text evolved from the simplified draft EFRAG delivered last November, and per-standard amendment logs. Implementation Guidance is not yet available, but EFRAG will share the draft datapoint list in due course as supporting material.
When the Commission adopted the slimmed-down standards, cutting mandatory datapoints by more than 60%, EFRAG’s digital workstream was impacted. It has to realign the ESRS taxonomy with the revised text before mandatory tagging under ESEF can proceed through due process at ESMA and the Commission. This update is that work beginning in earnest.
A leaner, mandatory-only standard should yield a simpler, more navigable taxonomy and lighter tagging, and the retained ISSB references keep the door open to mapping between the European and international digital taxonomies. None of it is law yet: the revised standards take effect only once the scrutiny period concludes and they appear in the Official Journal later this year.
Read more here.
