Sector agnostic standards (set 1 ESRS)

In April 2021, the European Commission adopted a legislative proposal for a Corporate Sustainability Reporting Directive (CSRD) that requires companies within its scope to report using a double materiality perspective in compliance with European Sustainability Reporting Standards (ESRS) adopted by the European Commission as delegated acts. Under the proposed CSRD, EFRAG was appointed technical adviser to the European Commission developing draft ESRS. This was confirmed by the text of 21 June resulting from the trilogue between the co-legislators and the text of 10 November 2022 approved by the European Parliament.

For questions as to whether sustainability statement in accordance with article 40 of the Accounting Directive has to be produced or other questions related to CSRD/Accounting directive, please refer to the European Commission's FAQ's on the topic

The ESRS per delegated act (published in the Official Journal 22 December 2023)

Here are links to the following:

Publication in Official Journal of the EU on 22 December 2023
Press announcement of adoption (31 July 2023)
Implementing and delegated acts – CSRD webpage
The delegated act
European Commission Q & A on adoption of ESRS
Webpage detailing timeline of the initiative, stakeholder's feedback and other language versions
Combined ESRS Set 1 text with a Table-of-Content allowing navigation to each DR/AR: https://xbrl.efrag.org/e-esrs/esrs-set1-2023.html

To assist its constituents, EFRAG has split Annex 1 into the 9 pdf files (Combining S2 to S4 into one file) - see on the right.

EFRAG assumes no responsibility or liability whatsoever for the content or any consequences or damages direct, indirect or incidental arising from using these documents.

First set of draft ESRS provided to the European Commission (22 November 2022)

On 22 November 2022, EFRAG submitted the first set of draft ESRS to the European Commission in its role as technical adviser to the European Commission. This first set, approved by the EFRAG SRB, supported by the EFRAG SR TEG, also considered the input from the public consultation on the draft ESRS EDs.

Read more including links to videos and Basis for conclusions

ESRS exposure drafts - public consultation

On 29 April 2022, EFRAG launched a public consultation on the Draft ESRS EDs, with a deadline of 8 August 2022. This allowed for the timely submission to the European Commission of the draft ESRS per the CSRD, while benefitting from the longest public consultation period possible as requested in a letter from Commissioner McGuinness. The EFRAG SRB launched the public consultation on the basis of the EDs prepared under the sole responsibility of the PTF-ESRS.

Sustainability reporting standards interim drafts (March 2022)

Following the request from the European Commission to start technical work building on the recommendations of the PTF-NFRS, EFRAG is making substantial progress in developing draft European sustainability reporting standards, while reforming its governance structure.