EFRAG released second ESRS explanations

On 1 March 2024, EFRAG released the second set of twelve 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.

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 31 January 2024, 258 questions had already been submitted. The EFRAG Secretariat collects and categorises these submissions and forwards them to the EFRAG committees with the objective of publishing non-legally binding answers. The answers may be provided in the form of explanations which are not subject to public consultation, or in the form of implementation guidance which is subject to public consultation before finalisation. 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 user forums. The purpose of these forums is to exchange views on application issues and discuss implementation questions. The seventh ASCG user forum on ESRS will take place on 6 March 2024. The user forums are open exclusively to ASCG member organisations.