In this webinar, we introduced CSRD and demonstrated a few examples of tagging with the ESRS taxonomy in CtrlPrint. Our application specialists went through the essentials of creating a CSRD complaint report to ensure that you are ready for the upcoming reporting directive. Here’s a quick summary of the questions we didn’t get to cover during the session:
What does a "taxonomy centric approach when preparing the report" actually mean?
Taxonomy centric approach means that your report structure reflects the structure of the taxonomy.
It is a recommendation to simplify the tagging process. EFRAG provides flexibility in how disclosures are presented, a taxonomy centric approach is not a requirement.
Can we explore the demo tool ourselves if interested?
Yes. Please reach out to our sales department at sales@ctrlprint.net for a demo.
Once the tagging exercise is completed in the first year, does it need to be repeated annually, or can it be saved as a model and refreshed in subsequent years?
Yes, you can roll-forward your tags from previous year to current year.
Is there a function to track the overall progress of the tagging process? Additionally, how can I ensure that all necessary items have been tagged?
There are a number of excel reports in the CtrlPrint XBRL Tagger application that can be downloaded. These will assist in planning or tracking the progress of your report. However, our product team is exploring more comprehensive options.
It seems the ESRS taxonomy is more detailed than the standards?
The taxonomy is built on the standards and sourced from EFRAG.