The definitive adoption of the first twelve European Sustainability Reporting Standards (ESRS)

25 October 2023

On October 23, 2023, EFRAG (European Financial Reporting Advisory Group) announced that the initial set of twelve European sustainability reporting principles, known as “sector-agnostic ESRS” has been officially approved by European institutions. These are the European reporting principles to be used for reporting on environmental, social, and governance issues. This represents another significant step forward in the implementation of a robust sustainability reporting framework in the European Union.

The deadline for any objections from European institutions regarding the delegated act on European sustainability reporting principles (ESRS), adopted by the European Commission on July 31, 2023, had expired on October 21, 2023.

EFRAG welcomes the integration of ESRS into the European legal framework and commits to providing support for the effective implementation of this initial series of so-called “sector-agnostic” principles. The European advisory body has also announced the forthcoming release of documents to assist sustainability report operators. In particular, the topics to be further explored include materiality assessment, the value chain, and an overview of data points for the “gap analysis.”

Furthermore, the announcement of a question and answer (Q&A) platform has been made to facilitate dialogue with all stakeholders interested in the new reporting standards, aiming to enhance their understanding and application.

EFRAG’s work continues with the development of draft sustainability reporting principles for small and medium-sized enterprises (SMEs), which will be published for consultation in January 2024, as well as the preparation of sector-specific principles, known as “sector-specific ESRS“.

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