EU Lawmakers formalise delay of ESRS implementation

Posted on February 17, 2024 by Editor

European Parliament and Council lawmakers have officially agreed on a directive to delay the implementation of sector-specific sustainability disclosure standards and reporting requirements for companies outside the EU under the Corporate Sustainability Reporting Directive (CSRD). The agreement, announced today, formalises the postponement proposed by the EU Commission in October 2024.

The directive aims to provide companies with more time to prepare for the increased reporting requirements and for the European Financial Reporting Advisory Group (EFRAG) to develop new standards. The delay pushes back the deadline for EFRAG to adopt sector-specific reporting standards to 2026, although the agreement stipulates that these new sector standards should be published as soon as they are ready.

Initially proposed as part of the EU Commission’s 2024 Work Programme to reduce reporting burdens, this is merely the formalisation of the delay to additional standards-setting work that was identified last year.

Despite they delay, we would like to underline importance of companies embracing digital reporting practices early on, ensuring preparedness for future regulatory changes and enhancing the relevance and visibility of sustainability disclosures. With the ESRS taxonomy published for consultation last week, companies can get a head start on preparation for digital disclosure.

For more details, read the full announcement here.

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