EC PUBLISHED DRAFT DELEGATED ACT ON REPORTING STANDARDS
On 9 June, the European Commission published the draft Delegated Act setting out the first set of European Sustainability Reporting Standards (ESRS), in accordance with the Corporate Sustainability Reporting Directive (CSRD).
For reference, the European Financial Reporting Advisory Group (EFRAG), as the Commission’s technical adviser on the implementation of the CSRD prepared and submitted the draft ESRS to the Commission in November 2022. The first set of standards is comprised of twelve cross-cutting, sector-agnostic standards, introducing detailed reporting requirements on companies’ impact on the environment, human rights, social standards and governance factors. The EFRAG is currently preparing a second set of sector-specific standards, including transport, but the work has been delayed in order to ensure a smooth implementation of the first set of standards.
The last step before finalising the first set of ESRS is a four-week feedback period, which has just opened and closes on 7 July, for which the CLECAT Secretariat is currently preparing a response. The Commission is expected to adopt the final standards in August. Subject to no objections being raised by the Parliament and the Council, the new standards will become effective for the first companies to adopt from 1 January 2024.
Source: European Commission