The European Standards for ESG Reporting (ESRS) have officially become law, and the European Financial Reporting Advisory Group (EFRAG), the European technical group that released the first set of standards in November, is committed to simplifying the implementation of these standards for companies.
After the closure of the objection period by legislators to the "delegated act" on ESRS, adopted by the European Commission on July 31, 2023, EFRAG announces the upcoming publication of fundamental guidelines.
These guidelines will address key topics such as materiality assessment, value chain, and essential aspects for gap analysis.
EFRAG has been involved in defining these standards since 2020 and considers them crucial in advancing sustainability reporting in the European Union and the world.
To support companies in the implementation process and understanding of ESRS, EFRAG will provide stakeholders with a question and answer platform to promote dialogue with interested parties.
Likewise, EFRAG is working to develop Exposure Drafts for standards related to small and medium-sized enterprises (SMEs).
These will be published in January 2024 and subject to consultation.