The European Financial Reporting Advisory Group (EFRAG) has launched a public consultation on the first set of Draft European Sustainability Reporting Standards.

Three key aspects are at the centre of the Consultation:

1. The relevance of (i) the proposed architecture, (ii) the implementation of the CSRD principles and (iii) the overall content of each draft.

2. The possible options for prioritising / phasing-in the implementation of the ESRS.

3. The adequacy of each disclosure requirement mandated by each draft.

Together with the input and results from the public consultation, the EFRAG will agree the final first set of draft ESRS to be submitted to the European Commission.

Companies interested in submitting their feedback have time until 8 August 2022.

The publication of the Corporate Sustainability Reporting Directive Proposal in April 2021 kick-started the review of the sustainability reporting landscape in Europe. A crucial element of this legislative text is the introduction of mandatory European Sustainability Reporting Standards - to be released by October 2022 and October 2023 - covering the reporting requirements on Environmental, Social and Governance issues.

In this context, the Commission requested the European Financial Reporting Advisory Group (EFRAG) to provide Technical Advice by drafting standards and/or amendments to the Sustainability Reporting Standards.

So far, only the following first set of draft standards has been released:

• Cross-cutting Exposure Drafts (ESRS 1 and ESRS 2)

• Topical standards – Environment (ESRS E1 to ESRS E5)

• Topical standards – Social (ESRS S1 to ESRS S4)

• Topical standards – Governance (ESRS G1 and ESRS G2)

For more information:

Giorgia Miccoli

Project Manager

UPCOMING EVENTS