Revised LSME Workshop for Preparers

​EFRAG invites preparers (in scope of ESRS LSME) and proxy preparers (undertaking`s association, auditors/accountants, etc.) to participate in an online workshop on 27 September 2024 from 9:30 to 11:30 CET  to discuss whether the content of the Revised LSME is proportionate enough and is addressing the feedback received from preparers in the public consultation and the field test.

​EFRAG is currently working on the Revised LSME for a more simplified standard and according to the tentative decision taken by EFRAG SRB on 4 July 2024.

For this reason, EFRAG Secretariat invites preparers (undertakings in scope of this Standard in the future, incl. proxy preparers) of LSME sustainability statements to an online workshop to discuss whether the content of the Revised LSME is proportionate enough and is addressing the feedback received from preparers in the public consultation and the field test

EFRAG invites preparers (in scope of ESRS LSME) and proxy preparers (undertaking`s association, auditors/accountants, etc.) to participate in this workshop on 27 September 2024, from 9:30 to 11:30 AM. According to CSRD art. 19 a 6), preparers in scope are:

  • Listed SMEs in an EU Regulated market
  • Small and Non-Complex Financial Institutions
  • Captive Insurance and Reinsurance undertakings

This event is online and to express your interest in participating, please click here.

Other stakeholders are invited to join the second workshop on 27
September 2024, from 15:00 to 17:00 CET. More info here.

DESCRIPTION

The ESRS LSME ED has successfully transitioned from the public consultation phase (and field test), where feedback was gathered and assessed, to the deliberation stage, where it is now being reviewed and evaluated by the SRB and SR TEG to determine the next steps and final approval of the Standard. Preparers expressed their interest on the ESRS LSME ED and provided comments through the public consultation as well as the field test questionnaire. Their views were encapsulated in reports and executive summaries and were presented to the EFRAG SR TEG and SRB. For a detailed overview please see this link.

The direction is to streamline the standard as much as possible compatibly with the content of the CSRD that would result to a simplified application of the standard for undertakings in scope. In parallel, EFRAG would like to avoid any undue loss of information for users and investors. With this in mind, we would appreciate your technical input given your interest in LSME ED as an undertaking in scope of this standard (either as a preparer or proxy preparer).

BACKGROUND

EFRAG has been mandated to develop a standard for SMEs which are public-interest entities. These include those whose transferable securities are admitted to trading on a regulated market in the European Union, SNCIs (small and non-complex institutions) and captive insurers and reinsurers, in what is called ESRS LSME. The standard would be applicable from 2026 with an additional 2-year opt out. The standard will be issued as a delegated act. ESRS LSME ED has the function of enhancing ESG data availability from smaller undertakings to investors, hence increasing their access to sustainability portfolios and avoiding discrimination due to lack of sustainability information.

The EFRAG SRB approved the ESRS LSME ED on 15 December 2023 and the Exposure Draft was issued on 22 January for a 4-month public consultation.

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