European Commission adopts first set of ESRS

The EU Commission has adopted the first set of European Sustainability Reporting Standards (ESRS) as a delegated act on 31 July 2023. They apply to all companies subject to the Corporate Sustainability Reporting Directive (CSRD).

This was preceded by a public consultation on the revised draft of Set 1 of the cross-sectoral European Sustainability Reporting Standards with subsequent finalisation based on public feedback. On the homepage of the European Commission, the delegated act as well as the ESRS Set 1 (Annex I) and the glossary (Annex II) can be downloaded in all official EU languages. Link: https://ec.europa.eu/info/law/better-regulation/have-your-say/initiatives/13765-European-sustainability-reporting-standards-first-set_en

The European Parliament and the Council of the European Union may now object to the delegated act within a maximum period of four months. If they do not, the regulation will be published in the Official Journal of the EU later in 2023 and will enter into force the following day. It will apply from 1 January 2024 for financial years beginning on or after 1 January 2024.