In July 2023, the EFRAG (European Financial Reporting Advisory Group) defined binding standards for sustainability reporting in accordance with ESRS (European Sustainability Reporting Standards) for the first time. These will apply from 2024 for companies that are already obliged to provide non-financial reporting.
Many of these companies have prepared their sustainability reporting in accordance with the Global Reporting Standard (GRI) and must now switch to ESRS.
Yesterday, EFRAG and GRI published a joint statement stating that a high degree of interoperability between ESRS and GRI standards has now been achieved.
Definitions, concepts and disclosures of ESRS and GRI impacts are fully aligned or, where full alignment was not possible, closely aligned. The statement notes that existing GRI reporters will be well prepared to report against the ESRS and that companies reporting against the ESRS will be considered as reporting against the GRI Standards.
EFRAG’s aim from the outset was to achieve alignment with the existing standards in order to ensure comparability between the European and international standards.
Companies can use their current reporting practices to prepare for the new ESRS requirements. We at #mupclimate support you in #CSR reporting according to the applicable standards. Our consultants will help you with your first-time reporting as well as with the transition to the new standards.
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