Participate in ESMA’s consultation on digital tagging of ESRS statements

EFRAG invites all stakeholders to participate in ESMA’s consultation.

On 13 December, the European Securities and Exchange Commission (ESMA) issued a public consultation on an amended European Single Electronic Format Regulatory Technical Standard (ESEF RTS), which requires affected companies in the EU to digitise their ESRS and Article 8 disclosures.

Draft XBRL Taxonomy and Proposal Overview

The proposal comes with a draft XBRL taxonomy, which is based upon the digital taxonomy developed by EFRAG reflecting the ESRS Set 1 (as published on 30 August 2023). The digitisation of the ESRS statements is required under the Corporate Sustainability Reporting Directive (CSRD).

Digitisation Timeline and Phased Approach

  • Large PIEs & Parent Undertakings: ESMA proposes that large PIEs or those that are parent undertakings of large groups (including third-country issuers) begin digitising disclosures using Inline XBRL for the 2026 or 2027 financial year, making sustainability reports publicly available by 2027 or 2028.
  • Large Non-PIEs: Large non-PIEs or non-PIEs that are parent undertakings would have an additional year to start digitisation.
  • Phased Implementation: A phased approach will gradually extend mandatory digital tagging of ESRS disclosures, aiming for fully digitised ESRS Set 1 statements by 2031 or 2032.

Invitation for Participation

EFRAG would like to invite all stakeholders, including preparers and users to participate in the consultation, but encourages n particular users of the digital ESRS data, who will benefit from it:

• analysists

• data providers and aggregators

• ESG rating agencies

• financial institutions (banks, asset managers, insurance companies, etc.)

• civil society and NGOs

• supervisory authorities

• academics.

Your feedback is crucial for shaping the future of digital reporting under EU regulations!

Consultation Details and Deadline

The consultation is open until 31 March 2025. More information, including details on the digital tagging of financial statements, is available on ESMA's webpage.

ESMA consultation

For more information about EFRAG’s work on digital XBRL taxonomies, visit our webpage.

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