News Item on unofficial translations of the VSME ED in Spanish and Italian
In particular:
Instituto de Contabilidad y Auditoría de Cuentas (ICAC) has developed an unofficial Spanish translation of the VSME ED. (for more information on the VSME ED, EFRAG, Consejo General de Economistas and ICAC are organising a joint event on 12 April, more info here)
Organismo Italiano di Contabilità (OIC) has finalised an unofficial Italian translation of the VSME ED.
These translations are unofficial and have not been reviewed nor approved by EFRAG. They aim to encourage more SMEs in engaging with the VSME ED and in participating in the related public consultation and field test, overcoming the language barrier.
EFRAG encourages other national standard setters to make available unofficial translations.
For more information on the VSME ED public consultation and field test, please click here.
BACKGROUND
EFRAG has been tasked to develop a voluntary standard for non-listed SMEs (VSME). This standard aims to be a simple reporting tool used by micro-, small- and medium-sized enterprises (SMEs) to monitor their sustainability performance and face growing and different ESG data requests from their business counterparts (i.e., banks, investors, or larger companies in the upstream value chain).
The EFRAG SRB approved the VSME ED on 29 November 2023. The Exposure Draft was issued on 22 January and the consultation period expires on 21 May 2024.