Voluntary ESAP template for SMEs and Start-ups – assessment

Active
Research phase
Aleksandra Sivash

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On 29 July 2025, EFRAG received a letter from the EC outlining the European Commission's initiative to enhance the accessibility and comparability of financial information for Small and Medium-sized Enterprises (SMEs) within the EU. It highlights the crucial need for high-quality, standardised data to attract investors and facilitate better access to finance for these businesses, especially innovative and fast-growing ones. The letter proposed the development of a voluntary, KPI-based reporting template for SMEs, which would be accessible via the European Single Access Point (ESAP), to streamline information sharing and reduce administrative burden.
EFRAG was requested to assess stakeholder interest in this initiative, considering the potential costs and benefits for both SMEs and investors, and to provide its report by June 2026. This effort aims to harmonise reporting practices without increasing burdens, ultimately benefiting the EU economy's competitiveness.
The letter requests that EFRAG conduct a survey or consultation with both SMEs and investors to assess the interest in this initiative.
Specifically, EFRAG is asked to:
  • understand the views of both potential preparers (SMEs) and users (investors, banks, etc.) regarding such a disclosure;
  • assess the possible content and structure of the proposed template.
EFRAG was requested to submit its assessment in the form of a report by the end of June 2026.

Current stage

EFRAG is conducting targeted outreaches in a form of semi-structured interviews, aiming to cover various stakeholder, both preparers and users of financial information, in different areas of the EU.

In addition, in November 2025, EFRAG has issued two surveys. The survey for SMEs and start-ups focuses on the needs and obstacles these companies face in securing finance. The survey for finance providers aims to identify the key challenges investors and finance providers face in finding and assessing potential European SMEs and start-ups investment targets.