Posted on Friday, June 25, 2021

The European Commission (EC) has announced a public consultation paper, EFRAG Due Process Procedures on EU Sustainability Reporting Standard-Setting, that outlines requirements that will be followed in the European Financial Reporting Advisory Group’s (EFRAG) role as technical advisor to the EC in preparation for Sustainability Reporting Standards. EFRAG has been tasked with developing the draft standards to support the EU’s proposed Corporate Sustainability Reporting Directive (CSRD). The consultation paper confirms the requirement that the standards be reported in machine-readable format:

“Further to the proposal for a CSRD, companies will have to ‘tag’ their reported sustainability information according to a digital categorisation system to be developed together with the sustainability reporting standards.”

The timeline for completion of draft standards has been set for October 2022. Comments to the consultation paper are due September 15, 2021.

 



Upcoming XBRL US Events

Domain Steering Committee Meeting
Tuesday, May 17, 2022

Mastering New SEC XBRL Requirements for Investment Management Filers (Session 1)
Tuesday, May 24, 2022

Public Exposure for Comment – Data Quality Committee Rules
Tuesday, May 31, 2022

Mastering New SEC XBRL Requirements for Investment Management Filers (Session 2)
Tuesday, June 7, 2022

Center for Data Quality Committee Meeting
Wednesday, June 29, 2022