The European Financial Reporting Advisory Group (EFRAG) has enhanced the VSME Digital Template and XBRL Taxonomy by adding a translation feature that supports multiple European languages.
The update introduces Spanish, Polish, Lithuanian, and Portuguese options, enabling users to generate Inline XBRL reports, in addition to English.
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This development is aimed at increasing the ease of financial reporting for small and medium-sized enterprises (SMEs) across the European Union.
After the European Commission issued its VSME Recommendation in July 2025, EFRAG made updates to the previously released VSME Digital Template and XBRL Taxonomy to reflect minor changes and further improvements.
The translation work was conducted by EFRAG and underwent a review process by National Standard Setters.
Translations by National Standard Setters from countries including Germany, Austria, the Netherlands, Denmark, Ireland, France, and Italy are in the final stages.
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By GlobalDataEFRAG intends to release these additional language options at the start of November 2025.
The update adds new languages and brings several technical enhancements and corrections to the digital template.
EFRAG SRB chair Patrick de Cambourg stated: “The digital solutions developed by the EFRAG Secretariat provide a great opportunity for the SME ecosystem to enable VSME compliant digital reporting. The open-source licence allows any commercial providers to integrate the tools in their own solutions for free.”
EFRAG SR TEG chair Chiara Del Prete said: “The VSME Digital Template provides a simple and easy way to prepare sustainability reports, as many SMEs confirmed. Our Secretariat experts will continue to engage with the ecosystem to further streamline the data flow from SMEs to users such as banks and investors, as well as counterparts in value chains.”
In September 2025, EFRAG announced its plans to introduce a voluntary KPI-based reporting template for SMEs to improve the ease of access and comparison of financial data among EU SMEs. It is expected to be available through the European Single Access Point (ESAP).
