EFRAG-ISSB Interoperability: EFRAG and ISSB jointly present guidance issued recently

On 23 May 2024, EFRAG and ISSB presented the jointly developed guidance on the interoperability of ESRS and IFRS Sustainability Disclosure Standards at a hybrid event. The final adoption of the guidance by both organisations marks the outcome of detailed and intensive discussions and had already been announced by on the 2nd of Mai.

Sue Lloyd (Vice-Chair of the ISSB) and Chiara Del Prete (Chair of the EFRAG Sustainability Reporting Technical Expert Group) presented and explained the content of the guidance. They emphasised the great importance of this exercise, which was the most recurring element of the feedback to EFRAG on the ESRS exposure drafts in 2022. They also repeatedly emphasised the very high degree of alignment achieved between the IFRS Sustainability Disclosure Standards and the European Sustainability Reporting Standards (ESRS).

The President of the DRSC, WB/StB Georg Lanfermann, welcomed the publication of the guidelines and said: “The interoperability achieved between the two standard setters and its documentation are an important milestone in making German companies’ sustainability reports internationally compatible.”

The DRSC will hold two workshops with interested companies on 16 and 26 September to discuss the practical relevance of the guidelines and their application in detail. Registration will be open soon.