EFRAG and ESRS – What is the European Financial Reporting Advisory Group?
EFRAG and ESRS are two acronyms often tied together in sustainability reporting. But what is the role of EFRAG, the organisation advising the European Council?
The European Financial Reporting Advisory Group (EFRAG), is an organisation that serves the European public interest. Its objective is to promote innovations in corporate reporting. EFRAG was established in 2001 and has since been reorganised multiple times, last in 2022, to accommodate EFRAG’s position as a technical advisor to the EU’s sustainability reporting.
EFRAG and ESRS – developing the standards
EFRAG has been developing European Sustainability Reporting Standards (ESRS) in recent years. In 2021, the EU Commission requested that EFRAG develop reporting standards for the Corporate Sustainability Reporting Directive (CSRD). The first companies must apply these standards in 2024 for reports published in 2025.
EFRAG, ESRS and the EU Green Deal
EFRAG acts as an advisory body to the European Commission. Based on its recommendations and consultation, the Commission has adopted the ESRS standards. In addition to the standards themselves, EFRAG has developed and is still developing implementation guides (IG’s) for the ESRS standards. As of June 2024, the first three implementation guides have been finalised.
EFRAG’s ESRS standards are a comprehensive set of reporting requirements for companies operating in the EU. The standards and implementation guides support the CSRD, providing a concrete framework for sustainability reporting.
Friends of EFRAG – Sustainability reporting
EFRAG general assembly recognises companies committed to supporting and developing sustainability reporting as Friends of EFRAG. Ecobio Manager is a proud member of this network of sustainability professionals. The recognition as a Friend of EFRAG highlights our commitment to improving the quality and comparability of sustainability reporting.
Power of digitalisation for compliant CSRD Reporting
CSRD reporting mandates a digital approach from the beginning, rendering manual efforts obsolete. Compliance with CSRD will require electronically tagged information and submission to the ESAP via the National Contact Point. ESAP is set to be operational in July 2027. Achieving CSRD requirements without specialised software is impossible. Enter Ecobio Manager: Your solution for seamless electronic tagging and ESAP delivery.
Streamline CSRD Reporting with Ecobio Manager
Ecobio Manager is a thorough solution for CSRD sustainability reporting, encompassing double materiality assessment, taxonomy classification, data collection, sustainability statement preparation, assurance, and streamlined delivery to publication. Designed by sustainability experts, Ecobio Manager ensures compliance with CSRD and ESRS standards, streamlining the reporting process.
