Dr. Hanne Böckem
Partner, Audit, DPP
KPMG AG Wirtschaftsprüfungsgesellschaft
On 29 March 2023, EFRAG stated that it will adjust its work plan and focus on supporting users in implementing the first set of European Sustainability Reporting Standards (ESRS). According to EFRAG, this was prompted by a public request to EFRAG from Commissioner McGuinness.
As a result, EFRAG is currently discussing how to set up the requested high priority support for the implementation of the ESRS. EFRAG is considering basing this on three pillars:
- rapid and timely provision of guidance
- creating a user-friendly and comprehensive documentation centre
- Promotion of educational initiatives
The timetable of the standard setting process for the other sets of ESRS (sector-specific standards and the standards for SMEs) will be adjusted by EFRAG in line with the new prioritisation. This is to avoid overlap in consultations and reduce the burden on stakeholders. In addition, EFRAG plans to build up additional staff.
EFRAG's statement can be viewed here.