CDSB’s XBRL project

The mission of CDSB’s XBRL project is to create and provide a framework for the consistent adoption and implementation of CCRF with a high quality Taxonomy.

The CDP and CDSB, along with CDSB’s members of the Board and of Technical Working Group (formed of representatives of large global accounting firms, their professional bodies, professional advisors and academics), share a common vision of a future where climate change disclosure will be a common feature of all business reporting and that it will ultimately be integrated with mainstream financial reporting. 

Recognizing that regulators around the world are mandating the use of XBRL format electronic filing of statutory reports, these leading partners are committed to developing a taxonomy at an early stage so that data language can evolve alongside standards and practices for disclosing climate change-related information and so that stakeholders can provide input and guidance.

With this in mind, CDP and CDSB have initiated the process for the definition of a Climate Change Reporting Taxonomy (CCRT).  The CCRT initiative aims to develop a taxonomy that will be the representation of the most common reporting schemes so as to allow electronic systems to process and communicate climate change data.  In the longer term, the intention is that the data standard will establish the necessary links between financial business data and reporting and the new needs of information for a low carbon economy. 

Governance

The Carbon Disclosure Project (CDP) and the Climate Disclosure Standards Board (CDSB) are currently working with XBRL International, Fujitsu and other organizations to develop an XBRL (eXtensible Business Reporting Language) Climate Change Reporting Taxonomy (CCRT). 

Together with CDSB’s Climate Change Reporting Framework (CCRF), the CDP platform and questionnaire processes, we will provide a comprehensive toolkit for standardised climate change disclosure aimed at satisfying investors’ needs.

The project is lead and set under the umbrella of CDSB and the organizations that actively participate in it. CDSB is responsible for launching the initiative and to make the initial draft scope and governance.  The initiative will be supported by a Secretariat provided by CDSB, or organizations collaborating with it and that will be in charge of preparing the agenda, website, management and distribution of documentation as well as arranging venues for meetings.

The Climate Change Reporting Taxonomy will be developed through a formal system of due process and as broad consultation as possible. Its starting point will be the Climate Change Reporting Framework, developed by CDSB, and CDP’s 2012 Investor Questionnaire.  However, its ambition is that it can become a Taxonomy for any climate change reporting.

Translating the Climate Change Reporting Framework into an XBRL Taxonomy 

The mission of CDSB’s XBRL project is to provide a language that is aligned with the Climate Change Reporting Framework in order to promote, drive adoption and implementation of climate change reporting with a high quality Taxonomy. Using CDSB’s XBRL Taxonomy, data can be tagged in accordance with the Climate Change Reporting Framework.

Reasons for the translation of CCRF into an XBRL Taxonomy:

• XBRL is the “de facto” standard for electronic reporting in over 18 countries;
• The International Accounting Standards Board is using XBRL for financial related reporting on either a mandatory or voluntary basis;
• Improving access for users to climate change information;
• Increasing in user range (i.e. automatic translation);
• Simplifying CCRF adoption, understanding and implementation;
• Aligning with financial reporting practices; and,
• Developing high quality standards.

To get involved in the development or testing phases of this project please contact us at xbrl@cdsb.net.