Beyond the GAAP no.175 - March 2023
With the first requirements of the Corporate Sustainability Reporting Directive (CSRD) coming into effect as of 1 January 2024, a number of questions have arisen in the short term about the content of the European Sustainability Reporting Standards (ESRS) that companies must apply in this context. The European Commission (EC) has recently stated that it plans to reduce the reporting burden on companies by 25% by the autumn. This affects all reporting, not just sustainability information, but no further details have been provided to date on how this will be achieved.
The EC followed up this announcement by asking its technical adviser, EFRAG, to focus on implementation of ESRS Set 1, i.e. the 12 sector-agnostic standards which were published in draft form last November, with the final version scheduled for June. In this context, EFRAG confirmed that it is ready to adjust its timetable for the development of the subsequent Sets (sectoral standards and standards applicable by SMEs) and to quickly implement a supporting framework for the implementation of the first set of ESRS.
