EFRAG and the ESRS Standards: What are the Standards Developed by EFRAG?
EFRAG and The ESRS Standards are closely tied together. EFRAG originally developed the ESRS standards, therefore guiding the CSRD reporting.
EFRAG is an organisation that provides support and advice to the European Council regarding financial reporting. The European Financial Reporting Advisory Group (EFRAG) serves the public interest in Europe and advocates for innovative 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 standards
EFRAG developed the European Sustainability Reporting Standards (ESRS) adopted by the European Council. The ESRS are mandatory disclosure standards for companies reporting under CSRD and aim to standardise ESG (Environmental, Social, and Governance) aspects in corporate sustainability reporting.
EFRAG and the ESRS standards implementation guides
In addition to the ESRS standards, EFRAG has also been developing implementation guides (ESRS IG) for them. As of summer 2024, the first three documents have been finalised. The aim of the implementation guides is to provide concrete guidance to companies implementing the ESRS.
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.
