First ESRS Implementation Guide Documents Finalised by EFRAG
EFRAG has announced the finalisation of its first three ESRS implementation guide documents. Since December 2023, EFRAG has collected public feedback on the three draft documents, which now have been finalised after revision based on received feedback. The implementation documents aim to support companies implementing the ESRS, European Sustainability Reporting Standards.
What are the 3 newly finished ESRS Implementation Guide documents?
The subjects of the now finalised documents were identified as the most critical and challenging aspects of ESRS compliance and were therefore prioritised.
EFRAG IG 1, Materiality Assessment Implementation Guide (MAIG)
MAIG focuses on Materiality Assessment. The implementation guide offers guidance for assessing Double Materiality for businesses. It explains the concepts of impact and financial materiality and provides examples of how they relate. The guide also includes frequently asked questions about conducting a double materiality assessment.
EFRAG IG 2, Value Chain Implementation Guidance (VCIG)
VCIG outlines reporting requirements for the value chain, including materiality assessment, policies, actions, metrics, and targets. It defines the reporting boundary for sustainability reporting and includes a ‘value chain map’ summarising implications for each disclosure requirement across all ESRS, along with FAQs.
EFRAG IG 3, List of ESRS Datapoints
EFRAG IG 3 is a list of ESRS set 1 datapoints, with detailed requirements of each Disclosure Requirement and related Application Requirements. The list contains additional information, such as the types of requirement, for example, quantitative or qualitative.
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