EFRAG releases complilation of ESRS explanations

On 30 May 2024, EFRAG released a compilation of 68 explanations to the European Sustainability Reporting Standard (ESRS, Delegated Regulation (EU) 2023/2772), which specify the reporting obligations of the Corporate Sustainability Reporting Directive (CSRD, Directive (EU) 2022/2464) on sustainability reporting. The paper also contains the 24 explanations that had already been published as separate documents in February and March of this year.

Background: EFRAG launched the ESRS Q&A Platform in October 2023. Undertakings and other stakeholders can use the ESRS Q&A Platform to submit to EFRAG questions on the ESRS. By 15 May 2024, 439 questions had already been submitted. The EFRAG Secretariat collects and categorises these submissions and forwards them to the EFRAG technical committees to develop non-legally binding answers. The responses to these questions are either provided in the form of explanations – without public consultation – or are included in so-called implementation guidance, which is publicly consulted beforehand. Further responses that go beyond non-legally binding explanations or implementation guidance (such as legally binding clarifications or possible amendments to the ESRS or the CSRD) are the responsibility of the European Commission.

In November 2023, the ASCG submitted its first submission on the application of ESRS via the ESRS Q&A platform. The questions and potential solutions result from previous discussions in the ASCG’s ESRS preparers fora. The purpose of these fora is to exchange views on application issues and discuss implementation questions. The ninth ASCG user forum on ESRS took place on 17 May 2024. The fora are open exclusively to ASCG member organisations.