Key questions on the roll-out of the new European Sustainability Reporting Standards (ESRS) have been addressed, offering reassurance to the thousands of organizations already using the GRI Standards that their current reporting practices can best prepare them for the new requirements.
Q&A on the European Sustainability Reporting Standards
The GRI and ESRS Q&A
publication emphasizes the joint work already undertaken with EFRAG to
achieve global comparability through alignment with the GRI Standards,
to reduce reporting burden.
Under the Corporate Sustainability Reporting Directive (CSRD), the ESRS will apply to 50,000 companies from 2024. Following the submission by EFRAG
to the European Commission of the first set of draft standards last
month, GRI has answered early questions on what it means for GRI
reporters.
The Q&A addresses key issues, such as:
-
- The high relevance of GRI reporting content and processes, for the impact reporting requirements of the ESRS;
- The support and resources that reporting companies can expect from GRI;
- How the ESRS fits with GRI’s collaboration with the IFRS Foundation;
- Why companies outside the EU need to take notice.
The sustainability reporting landscape is evolving fast,
therefore it’s understandable that businesses have questions on what the
changes may mean for them. Confirmation that the draft ESRS aligns as
closely as possible with the GRI Standards offers GRI reporters
reassurance that they can use their current reporting practices to
prepare for the new requirements.
Taken together with our ongoing collaboration with the IFRS Foundation
and the ISSB on their sustainability-related disclosures, this further
reinforces the relevance of GRI, demonstrating our leadership position
as provider of the global benchmark for reporting on impacts.”
Eelco van der Enden, GRI CEO
Since the early stages, we have actively engaged with EFRAG in
the development of the ESRS. We’ll continue to do so, as the remaining
standards are developed. Our focus is on how to ensure optimal
interoperability between the GRI Standards and ESRS – minimizing
reporting burden and challenge for companies.
At each step of the way, we commit to ensuring organizations understand
the changes and what to expect, as demonstrated by this new Q&A
resource. Further information is still to come, including detailed
mapping of the disclosures from both sets of standards and technical
guidance, which will help GRI reporting companies to be ready for CSRD
requirements.”
GRI
© GRI - Global Reporting Initiative
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