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Technology & Data

EFRAG Q&A Platform to Support ESRS

The European Financial Reporting Advisory Group (EFRAG) has launched a Q&A platform to bolster the implementation of the European Sustainability Reporting Standards (ESRS). The ESRS Q&A Platform will collect and answer technical implementation questions on the standards to support preparers and other stakeholders. Last week, the ESRS were adopted by the European Parliament despite a last-minute attempt to get MEPs to ditch them. ESRS’ underpin the Corporate Sustainability Reporting Directive (CSRD) which will apply to 50,000 EU companies from January 2024. From 2028, non-EU companies operating in Europe must also report their impacts using the ESRS or equivalent standards. EFRAG welcomed the final adoption of the ESRS by the European institutions, saying the group was “dedicated to providing support for a successful implementation of this first set of sector-agnostic ESRS”. EFRAG is a technical advisor to the European Commission and will provide non-authoritative responses to the questions asked through the platform. The Q&A platform supports the European Commission’s request to EFRAG to prioritise capacity building for ESRS implementation, particularly the sector-agnostic standards adopted on 31 July. In the next few weeks, EFRAG is due publish several sets of implementation guidance on key topics for public feedback, including materiality assessment, value chain and data points overview for gap analysis. The group is EFRAG is also developing of the Exposure Drafts for SME standards that will be issued for consultation in January 2024. 

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