As part of the Omnibus package of proposals, the European Commission has asked EFRAG1 to provide advice on how to simplify ESRS.
In response, EFRAG is performing outreach to stakeholders, including interviews and workshops with preparers, auditors and users. As part of this, EFRAG has published a questionnaire to gather feedback on the reporting challenges during first application of the standards.
EFRAG has identified five key areas for improvement. These areas are in line with the Commission’s aim of simplifying ESRS. The questionnaire is focused on achieving these aims.
The deadline for EFRAG to deliver its advice to the Commission is 31 October 2025.
The Commission’s goal is to adopt the revised ESRS in time for companies to apply them for FY27 (reporting in 2028), possibly with the option to apply them for FY26 (reporting in 2027).
Once the standards have been revised, companies will report under the revised standards. In the meantime, the existing ESRS continue to apply. The below timeline illustrates the relevant milestones.
