22. December 2023

CSRD: Delegated act on the ESRS published in the Official Journal of the EU

On 22 December 2023, the delegated act on Set 1 of the European Sustainability Reporting Standards (ESRS, Delegated Regulation (EU) 2023/2772) was published in the Official Journal of the EU. The ESRS had already been adopted by the European Commission end of July.

Background: The ESRS specify the reporting requirements of the Corporate Sustainability Reporting Directive (CSRD, Directive (EU) 2022/2464) on sustainability reporting. The CSRD is an amending directive, in particular to the Accounting Directive (Directive 2013/34/EU) and must be transposed into German law by July 2024.

In September 2023, the ASCG had submitted an analysis of the German translation of the ESRS to the European Commission with suggestions for necessary corrections and will also review the version now published in the Official Journal in this regard. Before, the ASCG had published several comment letters on the ESRS, in particular on EFRAG’s public consultation on the first ESRS drafts and the European Commission’s public consultation on the final ESRS drafts.

To date, the ASCG has hosted six preparers’ fora on the introduction of ESRS. These fora are open exclusively to ASCG member companies and associations. Application issues and challenges relating to the ESRS are discussed, and, if necessary, submitted to EFRAG (in anonymised form) via the ESRS Q&A platform with a request for clarification. To date, one submission has been sent to EFRAG.

Several briefing papers and further information on the ESRS can be found on the relevant project page.