31. July 2023
On 31 July 2023, the European Commission (COM) published the Delegated Act on Set 1 of the European Financial Reporting Standards (ESRS). It follows that, for the first time, mandatory sustainability reporting standards are laid down in the European Union. In accordance with Article 49(3b) of the Accounting Directive (Directive 2013/34/EU), EFRAG had submitted the draft ESRS to the COM as technical advice in November 2022. After making its own adjustments, the COM had published the revised ESRS as draft Delegated Act on 9 June 2023, with a consultation period until 7 July 2023 (see here).
Based on more than 600 responses, the COM has made a number of adjustments and clarifications to the draft Delegated Act. Changes in the published final Delegated Act concern, among others, the following provisions:
The final standards are now available in 23 language versions (here). In addition, the COM has published a detailed Q&A on the adoption of the ESRS.
On 7 July 2023, the DRSC submitted its response on the draft Delegated Act to COM. In addition, the DRSC published a briefing paper (German only) as well as a comparison between EFRAG’s draft ESRS of November 2022 and the COM’s consultation draft.
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