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PRESS RELEASEEFRAG publishes the ESRS Set 1 XBRL Taxonomy Today EFRAG publishes the XBRL Taxonomy for ESRS Set 1, which enables the digital tagging of ESRS statements. In addition, EFRAG publishes

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How to fill out efrag proposes xbrl taxonomy

01

Download the efrag proposes xbrl taxonomy template from the official website

02

Open the downloaded template in a compliant XBRL software tool

03

Review the taxonomy structure and elements provided in the template

04

Fill out the required information for each element as per the guidelines provided

05

Validate the filled out taxonomy using the XBRL software tool

06

Save the completed taxonomy file in the appropriate format and submit it as required

Who needs efrag proposes xbrl taxonomy?

01

Regulatory bodies and authorities requiring standardized financial reporting

02

Companies looking to streamline their financial reporting process

03

Investors and stakeholders interested in accessing and analyzing financial data efficiently

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What is efrag proposes xbrl taxonomy?

The EFRAG (European Financial Reporting Advisory Group) proposes an XBRL taxonomy that defines the structure and format for electronic reporting of financial statements in compliance with European regulations.

Who is required to file efrag proposes xbrl taxonomy?

Companies that are required to prepare their financial statements in accordance with European accounting standards and are subject to EFRAG's jurisdiction must file using the proposed XBRL taxonomy.

How to fill out efrag proposes xbrl taxonomy?

Filling out the EFRAG proposed XBRL taxonomy involves using XBRL software that adheres to the taxonomy definitions to prepare financial statements in a structured electronic format.

What is the purpose of efrag proposes xbrl taxonomy?

The purpose of the EFRAG proposed XBRL taxonomy is to improve transparency and comparability of financial reporting across companies in Europe by standardizing how financial data is presented electronically.

What information must be reported on efrag proposes xbrl taxonomy?

The information that must be reported includes financial statements elements such as balance sheets, income statements, cash flow statements, and notes to the financial statements as specified by the taxonomy.

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