Revised ESRS become law
The revised European Sustainability Reporting Standards (ESRS) have been published in the Official Journal of the European Union, completing their passage into EU law. The regulation enters into force on 10 November 2026 and applies to financial years beginning on or after 1 January 2027, in all EU Member States.
The European Commission adopted the slimmed-down standards in July as part of its Omnibus I simplification package, cutting mandatory fact disclosures by more than 60%. Companies subject to the Corporate Sustainability Reporting Directive (CSRD) for financial years starting in 2026 can choose to apply the revised standards early.
With legal certainty in place, attention turns to the digital side. The European Financial Reporting Advisory Group (EFRAG) is consulting on its draft XBRL taxonomy for the revised standards until 11 November, and plans to hand the final version to the European Securities and Markets Authority (ESMA) and the Commission by year end. That will open the way to move towards mandatory tagging under the European Single Electronic Format (ESEF) and useful, Europe-wide comparable data.
Read the delegated regulation here.
