European Commission calls on EFRAG to prioritise implementation support for the first Set of ESRS

The European Financial Reporting Advisory Group (EFRAG) has been told by EU Commissioner McGuinness to focus on capacity building for the implementation of the first set of European Single Reporting Standards (ESRS) rather than on preparatory work for draft sector-specific standards. EFRAG is adjusting its work plan to reflect this new priority while still continuing work on sector-specific standards and standards for small and medium-sized enterprises (SMEs) under a modified timetable.
In response to the call, EFRAG is discussing the creation of an ESRS implementation support function to provide guidance, documentation, and educational initiatives to stakeholders. Furthermore, the group is increasing staff and resources dedicated to these tasks and is also working on the digitisation of the first set of ESRS.
EFRAG aims to contribute to global progress in sustainability reporting and achieve interoperability with other reporting frameworks. As consequence, it attaches great importance to the ongoing dialogue with the ISSB and the cooperation with GRI.