Why is taxonomy so important? Well, it helps us categorize organisms so we can more easily communicate biological information.
Taxonomy uses hierarchical classification as a way to help scientists understand and organize the diversity of life on our planet.
What is the EU green bond standard
The report proposes that the Commission creates a voluntary EU green bond standard to enhance the effectiveness, transparency, comparability and credibility of the green bond market and to encourage the market participants to issue and invest in EU green bonds.
The proposal builds on best market practices.
What are non legislative acts EU
non-legislative acts are decisions that are adopted, generally by the European Commission, following delegation (delegated acts) or in order to implement a legislative act (implementing acts); legislative acts are decisions adopted under the ordinary or a special legislative procedure.
Are delegated regulations directly applicable
Delegated regulation in detail Delegated regulations are directly applicable and need not be transposed into national legislation.
What is climate taxonomy
The Climate Bonds Taxonomy is a guide to climate aligned assets and projects. It is a tool for issuers, investors, governments and municipalities to help them understand what the key investments are that will deliver a low carbon economy.
What is social taxonomy
Social taxonomy is the classification of economic activities that significantly contribute to social goals in the EU and represent a common code for investors, businesses and regulators regarding what is sustainable from a social perspective and what is not.
What is the main objective of the European Green Deal
The European Green Deal is a package of policy initiatives, which aims to set the EU on the path to a green transition, with the ultimate goal of reaching climate neutrality by 2050.
It supports the transformation of the EU into a fair and prosperous society with a modern and competitive economy.
What is the green taxonomy
A green taxonomy is a framework for defining what can be called environmentally sustainable investments.
In addition to tackling “greenwashing”, such a taxonomy will help companies and investors make more informed green choices.
Sustainability is a key feature of today’s global corporate culture.
What is the low carbon benchmark regulation
The Low Carbon Benchmarks Regulation stipulates that the administrator of an EU Climate Transition Benchmark, when selecting or weighting underlying assets, should take into account companies that have as an objective the reduction of their carbon emissions towards alignment with the objectives of the Paris Agreement
Why green taxonomy is important
A green taxonomy identifies the activities or investments that deliver on environmental objectives, helping drive capital more efficiently toward priority environmentally sustainable projects.
What does it mean to be taxonomy aligned
Taxonomy alignment therefore refers to an eligible economic activity that is making a substantial contribution to at least one of the climate and environmental objectives, while also doing no significant harm to the remaining objectives and meeting minimum standards on human rights and labour standards.
What is common ground taxonomy
The Common Ground Taxonomy (CGT) is a milestone work resulting from an in-depth comparison exercise that puts forward areas of commonality and differences between the EU and China’s green taxonomies.
This first publication covers the initial phase of work which will be expanded over time.
What is IFRS taxonomy
The IFRS Accounting Taxonomy reflects the presentation and disclosure requirements of IFRS Accounting Standards and includes elements from the accompanying materials to the IFRS Accounting Standards such as implementation guidance and illustrative examples.
What is the European Platform on Sustainable Finance
The EU Platform on Sustainable Finance: Taxonomy extension and future policies. The Platform on Sustainable Finance (PSF) is a permanent expert group of the European Commission that was established to assist the development of sustainable finance policies, including the EU taxonomy.
How is an Xbrl taxonomy used
XBRL enables preparers to utilize software to tag all financial items in their business reports to the elements within a taxonomy.
This is accomplished with an Instance Document which can be electronically exchanged and validated between computers or viewed in a human readable format (this is called rendering).
What is the XBRL taxonomy
An XBRL taxonomy is the formal definition of a financial or business reporting vocabulary for a given jurisdiction or reporting domain, imparting meaning to the concepts which describe the facts being reported and providing a framework within which reports are structured.
What is a delegated directive
Delegated directives are mainly used to ensure proper implementation of legislative acts, as they flesh out and address detailed and often highly technical issues on which little or no political controversy exists, but that require attention and the member states involvement to ensure it meshes well with national
What is XBRL taxonomy explain the components of XBRL taxonomy
XBRL components (items, domain members, dimensions, and so forth). The representation of a financial reporting concept, including: line items in the face of the financial statements, important narrative disclosures, and rows and columns in tables.
A human-readable description of a reporting concept.
How do you create a good taxonomy
To build your taxonomy, group the terms that were selected in the previous phases, and put them in a formal structure that is aligned with your use-case.
The terms can be arranged in a simple list of terms or a complex system of hundreds of terms with interlinked relationships between them.
How does XBRL help regulatory bodies
Benefits of XBRL (b) Regulatory Reporting: XBRL can provide investors and other government agencies with increased data integrity and uniformity.
It can also allow for increased transparency of public owned companies’ financial records for view by ‘interested’ parties.
How do I use XBRL taxonomy?
- Choose the
- On the XBRL Taxonomies page, select a taxonomy from the list
- Choose the Lines action
- Select a line and fill in the fields
- To read detailed information about what to fill in, choose the Information action
Which is the only controlled act that a physician does not have access to
Physicians practising in hospitals may be subject to additional requirements under the Public Hospitals Act, 1990.
This is the only controlled act that physicians are not authorized to perform.
What is an Article 8 funds
An Article 8 Fund under SFDR is defined as “a Fund which promotes, among other characteristics, environmental or social characteristics, or a combination of those characteristics, provided that the companies in which the investments are made follow good governance practices.”
What is an Article 9 fund
Article 9, also known as ‘products targeting sustainable investments’, covers products targeting bespoke sustainable investments and applies “… where a financial product has sustainable investment as its objective and an index has been designated as a reference benchmark.”
What is an Article 6 fund
Article 6 covers funds which do not integrate any kind of sustainability into the investment process and could include stocks currently excluded by ESG funds such as tobacco companies or thermal coal producers.
What is the difference between Article 8 and Article 9
Article 8 products promote environmental or social characteristics in the pursuit of other financial objectives.
Article 9 products seek to make a positive impact on society or the environment through sustainable investment and have a non-financial objective at the core of their offering.
What are minimum safeguards
The minimum safeguards set out in Article 18 of the Taxonomy Regulation require that companies implement procedures to comply with OECD Guidelines for multinational enterprises and the UN guiding principles on business and human rights.
What is the difference between an implementing act and a delegated act
‘Delegated acts’ would ‘supplement or amend’ basic EU laws, while ‘implementing acts’ would ensure ‘uniform conditions for implementing’ them.
What is a delegated act
Delegated acts are non-legislative acts adopted by the European Commission that serve to amend or supplement the non-essential elements of the legislation.
Who is required to file iXBRL
Revenue’s Large Corporates Division companies must submit iXBRL financial statements for accounting periods ending on, or after, 31 December 2012.
S. 110 Special Purpose Vehicles must submit iXBRL financial statements for accounting periods ending on, or after, 31 July 2013.
Sources
https://www.ifrs.org/issued-standards/ifrs-taxonomy/
https://italiadomani.gov.it/en/Interventi/dnsh.html
https://ec.europa.eu/sustainable-finance-taxonomy/
https://www2.deloitte.com/content/dam/Deloitte/in/Documents/risk/in-risk-xbrl-the-new-world-of-reporting-noexp.pdf
