The new framework will replace the existing Non-Financial Reporting Directive (NFRD) and is intended to increase the transparency and accountability of companies regarding their sustainability practices.
Timeline for the new taxonomy
Companies subject to the CSRD will have to report a file in the iXBRL format according to European Sustainability Reporting Standards (ESRS). The standards have been drafted by the European Financial Reporting Advisory Group (EFRAG) and are expected to be adopted by the European Commission by June 30, 2023.
The first companies will have to apply the new rules for the first time in the financial year 2024, for reports published in 2025.
CSRD & CtrlPrint
The CtrlPrint XBRL Tagger is customised for CSRD once the taxonomy is set. The functionality of being able to report according to two different standards in the same report is well-proven as we have several customers who have previously done this.
Read more about the CtrlPrint XBRL Tagger