The first set of ESRS - the journey from PTF to delegated act (adopted on 31 July 2023)

The first draft EFRAG implementation documents

In December 2023, EFRAG released 3 implementation guidance documents to support implementation of ESRS as requested by the European Commission. For further details, please see here.

back to top

The ESRS per delegated act (published in the OJ on 22 December 2023)

On 31 July 2023, the European Commission adopted the Delegated Act on the first set of European Sustainability Reporting Standards (ESRS). Adoption of ESRS by Delegated Act is mandated by the co-legislators in the Corporate Sustainability Reporting Directive (CSRD - Directive (EU) 2022/2464) adopted in December 2022. The Delegated Act and annexes were published in the Official Journal on 22 December 2023.

Here are links to the following:

• Publication in Official Journal of the EU on 22 December 2023
  
• Press announcement of adoption
  
• Implementing and delegated acts – CSRD webpage
• The delegated act
• European Commission Q & A on adoption of ESRS
• Webpage detailing timeline of the initiative, stakeholder's feedback and other language versions
  

To assist its constituents, EFRAG has split the published ESRS into separate documents available here.

back to top

About the draft ESRS - submitted to European Commission on 22 November 2022

In April 2021, the European Commission adopted a legislative proposal for a Corporate Sustainability Reporting Directive (CSRD) that requires companies within its scope to report using a double materiality perspective in compliance with European Sustainability Reporting Standards (ESRS) adopted by the European Commission as delegated acts. Under the proposed CSRD, EFRAG was appointed technical adviser to the European Commission developing draft ESRS. This was confirmed by the text of 21 June resulting from the trilogue between the co-legislators and the text of 10 November 2022 approved by the European Parliament. 
 
The ESRS Exposure Drafts (EDs) prepared by the EFRAG Project Task Force on European Sustainability Reporting Standards (EFRAG PTF-ESRS) during the period from June 2021 till April 2022 were exposed for comments from 30 April to 8 August 2022. The EFRAG Sustainability Reporting Board (EFRAG SRB), advised by the EFRAG Sustainability Reporting Technical Expert Group (EFRAG SR TEG), addressed the feedback of the consultation and amended accordingly the twelve draft ESRS that are released today to European Commission.  

back to top

Scope of application & timing

The reporting requirements will be phased in over time for different kinds of companies. The first companies will have to apply the standards in financial year 2024, for reports published in 2025. Listed SMEs are obliged to report as from 2026, with a further possibility of voluntary opt-out until 2028, and will be able to report according to separate, proportionate standards that EFRAG will develop next year.

back to top

Educational videos on the first set of draft ESRS 

This series of educational videos on the First set of draft ESRS provides interested stakeholders with an introduction to the draft standards. For each standard, our sustainability reporting experts offer you a choice of the glimpses, which will give you a brief overview, or the educational session for more technical details.

These educational sessions were recorded based on the first set of draft ESRS that EFRAG submitted to the European Commission in November 2022 in its role as technical adviser to the EC and not on the version of the draft delegated act released by the European Commission in June 2023 for a 4-week period of public feedback. The EC presented the updates in an EFRAG SRB meeting on 14 June 2023. 

•  Access the recording here. 
  

• Have a look at the presentation here.

-  Draft ESRS 1 General requirements presented by Chiara Del Prete, EFRAG SR TEG Chairwoman

- Draft ESRS 2 General disclosures presented by Gemma Sanchez Danes, EFRAG EFRAG SR Lead for Social

- Draft ESRS E1 Climate change presented by Eric Duvaud, EFRAG SR TEG member

- Draft ESRS E2 Pollution presented by Andrea Giannini, EFRAG SR Central Secretariat

- Draft ESRS E3 Water and marine resources, E5 Resource use and circular economy presented by Julie Mary, EFRAG SR TEG member

- Draft ESRS E4 Biodiversity and ecosystems​​ presented by Philippe Diaz, EFRAG SR TEG member

- Draft ESRS S1 Own workforce presented by Sigurt Vitols, EFRAG SR TEG Acting Vice-Chair

- Draft ESRS S2 Workers in the value chain, S3 Affected communities, S4 Consumers and end-users presented by Joanne Houston, EFRAG SR TEG member

back to top

First Set of draft ESRS & Basis for conclusions

EFRAG's advice package consists of the following:

​​​

​	​​
​	​	​
Cover letter​​	Due process note	Explanatory note​​
​	​​
​	​	​
Annex to the Explanatory note​​	EFRAG's Cover Letter and Cost Benefit Analysis

​	​	​
​Twelve draft ESRS	​	​
​Cross-cutting standards​	​​
​	​	​​​​
Draft ESRS 1 General requirements​​ Basis for conclusions	Draft ESRS 2 General disclosures Basis for conclusions		​
​	​	​
​Topical standards​	​​
​Environment​	​​
​	​	​
Draft ESRS E1 Climate change​​ Basis for conclusions	Draft ESRS E2 Pollution Basis for conclusions	Draft ESRS E3 Water and marine resources​​ Basis for conclusions
​	​
Draft ESRS E4 Biodiversity and ecosystems​​ Basis for conclusions	Draft ESRS E5 Resource use and circular economy Basis for conclusions
​	​	​
​Social​	​​
​	​	​
Draft ESRS S1 Own workforce Basis for conclusions	Draft ESRS S2 Workers in the value chain Basis for conclusions	Draft ESRS S3 Affected communities Basis for conclusions
​
Draft ESRS S4 Consumers and end-users Basis for conclusions
​	​	​
​Governance​	​​
​	​
Draft ESRS G1 Business conduct Basis for conclusions
​	​	​

​Six appendices​	​​
​	​	​
Appendix I ESRS Index	Appendix II - Final CSRD requirements for ESRS	Appendix III Datapoints EU Law​​
​	​	​
Appendix IV - TCFD-EFRAG Comparative analysis final	Appendix V Comparison of IFRS and ESRS 1 & 2	Appendix VI - Glossary and acronyms