{"id":18281,"date":"2024-01-18T15:41:09","date_gmt":"2024-01-18T14:41:09","guid":{"rendered":"https:\/\/www.red-on-line.com\/?p=18281"},"modified":"2024-01-18T15:41:45","modified_gmt":"2024-01-18T14:41:45","slug":"formal-enactment-of-12-sector-agnostic-european-sustainability-reporting-standards-esrs-into-the-european-legislation","status":"publish","type":"post","link":"https:\/\/www.red-on-line.com\/gb\/blog\/formal-enactment-of-12-sector-agnostic-european-sustainability-reporting-standards-esrs-into-the-european-legislation\/","title":{"rendered":"Formal enactment of 12 sector-agnostic European Sustainability Reporting Standards (ESRS) into the European legislation"},"content":{"rendered":"
\n\n

On 22 December 2023, \u201cCommission Delegated Regulation (EU) 2023\/2772 of 31 July 2023 supplementing Directive 2013\/34\/EU of the European Parliament and of the Council as regards sustainability reporting standards\u201d was published in the Official Journal of the European Union.<\/p>\n\n\n\n

The sustainability reporting standards that undertakings must use for carrying out the sustainability reporting in accordance with Directive 2013\/34\/EU are set out in Annexes I and II. Annex II contains a list of abbreviations and terms defined in the ESRS. Annex I is divided as follows:<\/p>\n\n\n\n

\u2022 ESRS 1 General requirements
\u2022 ESRS 2 General disclosures
\u2022 ESRS E1 Climate change
\u2022 ESRS E2 Pollution
\u2022 ESRS E3 Water and marine resources
\u2022 ESRS E4 Biodiversity and ecosystems
\u2022 ESRS E5 Resource use and circular economy
\u2022 ESRS S1 Own workforce
\u2022 ESRS S2 Workers in the value chain
\u2022 ESRS S3 Affected communities
\u2022 ESRS S4 Consumers and end-users
\u2022 ESRS G1 Business conduct<\/p>\n\n\n\n

Commission Delegated Regulation (EU) 2023\/2772 is applicable as of 1 January 2024 for financial years beginning on or after that date and is directly applicable in all Member States.<\/p>\n\n\n\n

Background information<\/strong>
Directive 2013\/34\/EU, as amended by Directive (EU) 2022\/2464 of the European Parliament and of the Council, requires large undertakings, small and medium-sized undertakings with securities admitted to trading on the EU regulated markets, as well as parent undertakings of large groups, to include in a dedicated section of their management report or consolidated management report the information necessary to understand the undertaking\u2019s impacts on sustainability matters, and the information necessary to understand how sustainability matters affect the undertaking\u2019s development, performance and position. Undertakings are to prepare this information in accordance with sustainability reporting standards starting from the financial year indicated in Directive (EU) 2022\/2464 for each category of undertakings.<\/p>\n\n\n\n

The Commission was required to adopt by 30 June 2023 a first set of standards specifying the information that undertakings are to report. The Commission has considered the technical advice provided by the EFRAG (European Financial Reporting Advisory Group), a private association established in 2001. Commission Delegated Regulation (EU) 2023\/2772 was formally adopted on 31 July 2023, with no objections during the co-legislators’ scrutiny period, which ended on 21 October 2023.”<\/p>\n\n<\/div><\/div>","protected":false},"excerpt":{"rendered":"","protected":false},"author":17,"featured_media":18279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[685],"tags":[],"yoast_head":"\nFormal enactment of 12 sector-agnostic European Sustainability Reporting Standards (ESRS) into the European legislation<\/title>\n<meta name=\"description\" content=\"On 22 December 2023, \u201cCommission Delegated Regulation (EU) 2023\/2772 of 31 July 2023 supplementing Directive 2013\/34\/EU of the European Parliament and of the Council as regards sustainability reporting standards\u201d was published in the Official Journal of the European Union.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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