XBRL (eXtensible Business Reporting Language) is a global standard for digitizing corporate disclosures, originally for financial reporting but now expanding to ESG data. XBRL tags make disclosures machine-readable, improving accuracy and accessibility for investors and regulators. As ESG reporting grows, many countries are mandating XBRL, with voluntary use also increasing to boost transparency and comparability.

XBRL taxonomies ensure data consistency by defining terms used in reports. The EU and other regulators will require XBRL-tagged sustainability reports by 2025. While adoption involves costs, it improves data accuracy, benchmarking, and compliance.

Marie-Josée Privyk (Founder and ESG Advisor, FinComm Services) has conducted an in-depth analysis of how XBRL is shaping ESG reporting.

Download the research note to learn more and see how it could affect your reporting strategy.