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The ‘First Set’ of EU Sustainability Reporting Standards (ESRS)

September 20, 2022

News from the AGN EMEA Accounting, Auditing & Education Committee (AAEC):

On 29th April 2022, the European Financial Reporting Advisory Group (EFRG) launched the public consultation process to draft the ‘first set’ of EU Sustainability Reporting Standards (ESRS).

The Corporate Sustainability Reporting Directive (CRD) draft was submitted before the deadline of 8th August 2022 and included the application for the future ESRS.

The draft covers the following standards on environmental topics, social topics and governance topics, as well as standards on cross-cutting topics.

Cross-Cutting Standards

  • CESRS 1 General principles
  • ESRS 2 General, strategy,
    governance and materiality assessment disclosure requirements


ESRS S1 Own workforce
ESRS S2 Workers in the value chain
ESRS S3 Affected communities
ESRS S4 Consumers and end-users


ESRS E1 Climate change
ESRS E2 Pollution
ESRS E3 Water and marine resources
ESRS E4 Biodiversity and ecosystems
ESRS E5 Resource use and circular economy


ESRS G1 Governance, risk management and internal control
ESRS G2 Business Conduct

Following the adoption of the CSRD at EU level by 31st October 2022 at the latest, the directive
must be transposed into national law by 1st December 2022 for it to take effect for companies.

Should you ever lose track of the big picture, my colleagues and I from the AGN EMEA Accounting, Auditing & Education Committee (AAEC) will be happy to help and guide you safely through the IFRS and CSR jungle. As a member of AGN International, you can use the AGN AAEC Helpline at any time or contact me by email at or by mobile phone at +49 173 8710322.

Carsten Ernst
Managing Partner
Wirtschafts Treuhand Group
Stuttgart, Germany
– Expert in financial (IFRS) and sustainability (ESRS and GRI) reporting

– Audit of financial and sustainability reports in accordance with ISAs

– Member of the following AGN bodies:
– EMEA Board of Directors (Chairman)
– EMEA AAEC Accounting, Auditing and Education Committee (Member)