EFRAG publishes another working paper on sustainability reporting standards

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25 Feb 2022

The Project Task Force on European Sustainability Reporting Standards (PTF-ESRS) of the European Financial Reporting Advisory Group (EFRAG) has released one more working paper on the first draft standards on sustainability reporting.

The papers reflect the current state of the standard-setting work carried out by the Task Force following the due process the PTF-ESRS has defined for itself.

After publication of six working papers in Batch 1 in January 2022 and three working papers in Batch 2 in February 2022, Batch 3 consists of:

ESRS SEC 1 aims to identify sector-specific sustainability aspects that the reporting entity has to take into account. The sector classification is based on the European Classification of Economic Activities (NACE) and the classifications made in the EU Taxonomy. 14 sector groups are subdivided into 40 sectors, for which sector-specific aspects are provided in the appendix to ESRS SEC1.

Again, the PTF emphasises that the publication of these working papers is to ensure a transparent process, there is, however, no public consultation at this point; this is planned for a later date, which, however, is not specified. However, an early analysis of the working papers might be helpful given that as early as June 2022 EFRAG will have to submit the drafts of its sustainability reporting standards to the European Commission.

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