A revised version of SASB XBRL taxonomy has been published and is now available to be widely read. This version includes technical adjustments and amendments that were incorporated based on comments received on the draft version of our taxonomy. Moreover, we are also delighted to announce the establishment of the Taxonomy Review Committee (TRC) that will assist us to both manage and govern the taxonomy ongoing. Our hope is that the TRC will have broad market participation throughout the data production to data consumption spectrum to help us ensure that the taxonomy satisfies the needs of the market.
We are thankful and appreciative of the feedback and comments we have received on our draft taxonomy. We are also very thankful for the engagement with PwC and their initial support in the release of the updated version of the XBRL taxonomy.
What are the changes?
The changes are primarily technical adjustments and corrections based on feedback received.
- Implemented secure URLs when referencing taxonomies as well as hosting SASB Standards XBRL taxonomy
- Implemented the use of XBRL International’s Data Type Registry (DTR)
- Embedded attributes to the primary concepts where requirements are specific to simplify the taxonomy structure
- Documented all entry points in the meta information file taxonomy package file
- Fixed minor spelling errors
- Implemented dimension defaults
- Implemented date-based versioning for URLs to facilitate version updates in the future.
What does the future roadmap look like?
The broader architecture questions that we requested feedback on have informed our thinking about the future roadmap.
- Global use and adoption of SASB Standards XBRL taxonomy – The taxonomy is expected to support the efforts of our Standards Internationalization Advancement project. As SASB Standards evolve in order to accommodate greater global applicability, the taxonomy will also evolve to accommodate the changes. Moreover, we comprehend the necessity for local jurisdictional considerations, which is why we have given the flexibility to extend the taxonomy. We will continue to engage and collaborate with regulatory bodies globally. Public comments have been very supportive with regards anchoring in order to ensure data consumers understand the reasoning behind the extension.
- Use of financial reporting elements from GAAP/IFRS taxonomies – This idea has received wide support during the public comment period. We are aware that this requires deeper discussions with reporting jurisdictions to develop implementation guidelines and we are committed to exploring any potential alternatives. The current version of the taxonomy (by not using elements from GAAP/IFRS taxonomies) allows stand-alone non-regulatory filings to be tagged with SASB Standards XBRL taxonomy.
- Typed Dimensions – This also has received broad acknowledgment. We have determined that we will adopt Typed Dimensions for instances where there is likely to be several specific data elements. The use of typed dimensions in the newly release FERC taxonomy is a credible example of when best to use Typed Dimensions. After careful consideration, we determined that the current use of Enumerated List is applicable and as SASB Standards evolve, we will continue to review and explore the use of Typed Dimensions where it fits best.
- TCFD Disclosures – The feedback during the public comment highlighted the fact that current approach to Blocktext tagging of TCFD narratives as a good starting point but suggested the need for more granular tagging. The TCFD sought public comment on 2 documents: Proposed Guidance on Climate-related Metrics, Targets, and Transition Plans and the associated Measuring Portfolio Alignment: Technical Supplement. The public consultation closed on July 18, 2021. We have taken the decision to wait for the formal change to the documents to be published before we review and implement any changes to our taxonomy.
- Tagged Examples – We realize the need to provide real world examples of tagged instance documents. We are working with filing software providers and filers to publish examples.
- Central Repository – For efficient aggregation of data, it is essential that there is a central repository of tagged SASB Standards reports. Many regulatory initiatives globally make provision of such repositories as part of the reporting mandate. Our first preference is to leverage such repositories where possible. There are potentially other opportunities like the initiative by XBRL International – https://filings.xbrl.org. We will continue to explore options and determine best possible outcomes.
- Ongoing Management & Governance – As previously mentioned, we hope to work closely with members of the TRC to manage and govern the taxonomy in a transparent way and ensure it meets the needs of the market.
How can you stay involved?
Now available on SASB Standards website for download are the taxonomy, the updated preparer guide and supplemental materials. We encourage you to share your comments, questions, and concerns using the feedback form on the page. We also kindly ask you to consider joining the Taxonomy Review Committee (TRC) in order to help us shape the future development of the taxonomy.