Accountancy Europe’s Post

EFRAG has published final Implementation Guidance to assist companies reporting under #CSRD covering Materiality Assessment, Value Chain and a List of #ESRS Data Points. See our #ACInsights Aisling Carey

🇪🇺 EFRAG has made a draft version of its double materiality implementation guidance publicly available.https://https://lnkd.in/eytKs3_h 📝 This long-awaited Double Materiality Assessment Guidance has been released ahead of an EFRAG Sustainability Reporting Board webcast meeting to be held on Wednesday 23 August 2023, covering - what double materiality is, - the need for a double materiality assessment, - how that assessment should be performed, - and a list of FAQs. "The materiality assessment is the process by which the undertaking determines material matters and material information to be reported on in its sustainability statement. The performance of an objective materiality assessment is pivotal to #sustainability #reporting which shall include relevant and faithful information about all impacts, risks and opportunities (#IROs) across environmental, social and governance matters determined to be material from the #impact #materiality perspective or the #financial #materiality perspective or both." 🧐 It is great to have an in-depth technical document, detailing guidance on how to implement double materiality assessment, but let's hope that EFRAG or other associations make also a practical guide for companies to start their #CSRD journey... #ESRS #regulation #sustainabilitydisclosure SWEEP Jeremie Joos Rachel Delacour Julien Denormandie Helene Malaurie Julien Picaud

EFRAG's Progress in Sector-Specific Sustainability Standards As of January 15th, 2024, EFRAG has updated their development of sector-specific sustainability standards aligned with EU's NACE codes. These standards aim to standardize sustainability disclosures across industries, enhancing comparability and understanding of material sustainability issues. Key Aspects: • Sector-specific approach for better evaluation of sustainability impacts, risks, and opportunities (IROs) • Mandatory inclusion of sector-specific issues in companies' double materiality assessments. Under the ESRS framework linked to CSRD, companies must report revenue distribution across ESRS sectors and identify non-revenue generating sectors they are associated with. This becomes effective with the ratification of sector-specific ESRS standards. EFRAG's working papers include SEC 1 (attached), categorizing 40 ESRS standards into 14 sector groups, and SEC 2 (link in the comments), outlining the approach to sector-specific ESRS and comparing it with other classification systems. These documents are in preparation for a public consultation. #CSRD #ESRS #EFRAG

Finishing the year with an exclusive: publication of ISSB #implementationguide delayed by at least five months. On the same day Emmanuel Faber was quoted in the media saying the International Sustainability Standards Board (ISSB) implementation guide would be published in the next two months, the standard setter received negative feedback from its jurisdictional working group, Corporate Disclosures has learnt. See the feedback given by the jurisdictions in the group and next steps in our analysis below. #sustainabilityreporting

It was a great experience to be a part of an excellent conference. Listening to area experts and researchers was enriching. The title of the conference was 'Sustainable Trade and Standards'. #sustainability #sustainabletrade #sustainablebusiness #UNFSS #qci

Check out our latest white paper, "A Practical Guide to Preparing for the CSRD" Gain valuable insights on sustainable reporting right here 👇 https://hubs.la/Q021fJlP0 #CSRD #CorporateSustainabilityReportingDirective

Read our latest report on the EU Corporate Sustainability Reporting Directive. It's a great piece of content that will help your business get ready, and be fully compliant with the new legislation👇

One last alert or present right before Christmas comes from EFRAG publishing draft ESRS Implementation guidance documents to help navigate through the reporting requirements as and to help understand processual challenges

Looking forward to digging into these documents! Important public hearing on double materiality, value chain and ESRS datapoints - all complex topics that require interpretation and guidance for the CSRD and ESRS to succeed.

Step by step more clarity on ESRS