Type of publication: Technical

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

As it did with the EU Taxonomy Regulation, we question whether the EU Commission is now “greenwashing” CSRD sustainability reporting.

After the European Financial Reporting Advisory Group (EFRAG) “expert group” submitted its drafts on Set 1 of the European Sustainability Reporting Standards (hereinafter EFRAG-ESRS) to the EU Commission in November 2022, the Commission published its revised versions on June 9, 2023 (hereinafter EU-Com.-ESRS) and put them out for public consultation.

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

The European Sustainability Reporting Standards (ESRS) emphasise the importance of stakeholders for sustainability activities:

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

Sustainability reports must be audited in the future. The audit result must contain statements regarding the following:

• Compliance with the CSRD and the ESRS (including the process for identifying reportable information).
• Compliance with Article 8 of the EU Taxonomy Regulation.
• Compliance with the ESEF Regulation with regard to disclosure in the ESEF format.

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

In this article, Carsten Ernst – AGN’s expert in financial (IFRS) and sustainability (ESRS and GRI) reporting, explains some important terminology in the European Sustainability Reporting Standards (ESRS), which are prepared by the European Financial Reporting Advisory Group (EFRAG).

The EFRAG must follow the guidelines of the CSRS. The European Commission adopts the ESRS and reviews them at least every three years.