EFRAG launches consultation on 13 Sustainability Reporting Standards

With the release of 13 Exposure Drafts (EDs), EFRAG has launched the consultation for the draft European Sustainability Reporting Standards (ESRS) on 29 April 2022.

According to the draft CSRD proposed by the European Commission in April 2021, the purpose of the standards is to specify the new sustainability reporting requirements of the amended Accounting Directive. The EDs now on the table have been drafted by the EFRAG PTF-ESRS since it started its work in May 2021.

Working papers on the standards had been published by the EFRAG PTF-ESRS for transparency purposes since January 2022.

The current consultation addresses the following exposure drafts:

• Cross-cutting Exposure Drafts (ESRS 1 und ESRS 2)
• Topical standards – Environment (ESRS E1 bis ESRS E5)
• Topical standards – Social (ESRS S1 bis ESRS S4)
• Topical standards – Governance (ESRS G1 und ESRS G2)

Further accompanying papers, such as a cover note including appendices are part of the consultation package as well.
Constituents are requested to provide their views online via a very comprehensive multiple choice/multiple response survey tool which addresses the individual Disclosure Requirements in addition to higher-level questions (e.g., on the architecture of the standards). In addition, the survey tool provides for additional comments to be uploaded that deal with aspects other than those addressed in the questionnaire.

The consultation period was decided to last 100 days; it ends on 8 August 2022. The shortened consultation period is based on the exception laid out in EFRAG’s Due Process Procedures, which provides for a deviation from the 120-day-period (which is generally to be applied) for so-called “accelerated processes”. According to the CSRD proposal the European Commission aims at adopting the standards by delegated acts in fall 2022.

The ASCG’s Technical Committees have closely followed the work of the EFRAG PTF-ESRS and also discussed the Working papers. For a more detailed discussion of the standard on Climate change (ESRS E1) an ASCG working group was established to support the Technical Committees in their deliberations.