Streamlining digital reporting with GRI’s new taxonomy
Published date: 18 June 2024
Public comment phase now open for XBRL and sustainability experts
A global consultation is underway to gather views on GRI’s planned new sustainability reporting taxonomy. Consisting of a digital, structured framework for using the GRI Standards, it will enable companies to organize and classify their disclosures and standards-related information.
The public comment period is active until 11 August 2024, and XBRL specialists and sustainability experts are encouraged to respond, to gather feedback on the structure and content of the taxonomy.
Digital tools are increasingly important in addressing an organization’s need to disclose detailed information on their sustainability impacts. A fully digital taxonomy enables computer-readable report formats that allow switching among various reporting frameworks and regulatory requirements. In addition, it will make a wide range of sustainability data more accessible, and facilitate faster and lower cost reporting practices.
The GRI sustainability taxonomy will be based on XBRL (standardized format for organizing and exchanging business information) to enable organizations to issue reports in a digital format. This means that entities will be able to apply digital tags to reported information using the GRI Standards. Sustainability data can then be quickly and easily utilized for research and comparison with existing sustainability information.
Further advantages will be:
- Automatic validation: Ensures sustainability reports are submitted in ‘accordance with’ or ‘with reference to’ the GRI Standards.
- Opportunities for interoperability: Facilitates using the same data across various reporting standards in the future.
- Direct filing with GRI: Organizations can submit XBRL reports via our portal or using a dedicated webform. Post-validation, an approver must authorize the filings.
- Integration and testing for tool developers: allows GRI software partners to integrate the Taxonomy into reporting tools, with access to a ‘sandbox’ environment for testing.
The public comment period offers a chance to give feedback on the clarity, completeness, and relevance of the GRI taxonomy content. Stakeholders are invited to join by filling out one of the two questionnaires, based on their background: