European Commission adopts ESRS

European Sustainability Reporting Standards (ESRS) delegated act: Document

It will now be transmitted to the European Parliament and to the Council for scrutiny, for the next two to four months. The European Parliament or the Council may reject the delegated act, but they may not amend it. Needless to say, the probability of rejection is slim to none. Of course, this is excellent news bringing confirmation to companies preparing to comply with the Corporate Sustainability Reporting Directive. Equally interesting for companies is the flurry of comparison tools and guidance coming out of the woodwork (we may soon have too many, so stick to reputable sources):

• Mapping table of final standards for climate disclosures (IFRS S1 + IFRS S2 compared with ESRS 2 + ESRS E2) prepared by EFRAG;
• Expected soon: an interoperability table between IFRS SDS and ESRS prepared by the IFRS and EFRAG;
• Expected soon: non-binding technical guidance prepared by EFRAG
• Expected soon: list of corresponding disclosure requirements between ESRS and GRI prepared by EFRAG;
• WBCSD Guidance prepared by the CFO Network of the WBCSD (see item below).

The statement released by EFRAG is also worth checking out, pointing to its continued efforts to develop standards for small and medium enterprises, as well as its collaboration with the GRI on the interoperability of the two sets of standards, summarized in this proposed statement.