October 2023
The European Commission has put forward a number of proposals to reduce the reporting burden for financial market participants in their recently announced
Work Programme for 2024. One of the proposals is 2-year delay of the date of adoption of the
sector specific ESRS and the proposed standard for non-EU companies with business in the union, currently required to be adopted by July 2024.
A first set of European Sustainability Reporting Standards (ESRS) was adopted by the Commission on the 31
st of July 2023. The ESRS in this first set are sector agnostic, meaning that they apply to all undertakings under the scope of the CSRD, regardless of which sector or sectors the undertaking operates in.
This postponement will allow companies in scope to focus on the implementation of the first set of standards and will allow EFRAG time to develop proportionate sector specific standards.
Kind Regards,
CSRD Team
Source: www.finance.ec.europa.eu