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Disclosure: European Sustainability Reporting Standards Approved
December 2, 2022On November 16, the European Financial Reporting Advisory Group (EFRAG) approved revised versions of the European Sustainability Reporting Standards (ESRS). EFRAG is a private association established in 2001 to, among other things, provide technical advice to the European Commission (EC) on sustainability reporting. The ESRS provides guidance regarding corporate disclosure on climate and other ESG issues as part of the Corporate Sustainable Reporting Directive (CSRD), which received final European Council approval on November 28. The CSRD, in turn, requires companies within its scope to report—using a double materiality standard—in compliance with the ESRS. The EC will now consult with its Member States on the standards before adopting final standards in June 2023. It is anticipated that companies initially will have to report consistent with the ESRS for fiscal year 2024 in disclosure published in 2025.
