CSRD Update: First Set of European Sustainability Reporting Standards (ESRS) published

In a previous blog post, we highlighted the European Commission's pivotal move in adopting the first set of European Sustainability Reporting Standards (ESRS) as a delegated regulation. These standards were introduced to establish a unified framework for reporting obligations in accordance with Articles 19a and 29a of the Corporate Sustainability Reporting Directive (CSRD – 2022/2464).

Commission Delegated Regulation (EU) 2023/2772, which contains the first set of European Sustainability Reporting Standards, was published in the Official Journal of the European Union on 22 December 2023.

From 1 January 2024, these standards will be applicable in all Member States of the European Union for financial years commencing on or after said date. This development marks a significant step towards standardizing sustainability reporting practices and fostering transparency in corporate disclosure within the European Union.