EU: CSRD – sector-specific reporting standards to be delayed

The European Financial Reporting Advisory Group (EFRAG) - which is developing the new European Sustainability Reporting Standards (ESRS) under the Corporate Sustainability Reporting Directive (CSRD) for the Commission - has said that drafting of the sector-specific ESRS will be delayed so that EFRAG can focus on helping companies implement the first set of ESRS standards (see press coverage). 

In November 2022, EFRAG submitted revised drafts of the first set of ESRS to the Commission, which is expected to adopt the final ESRSs as Delegated Acts in June 2023. The Delegated Acts will then be subject to a scrutiny period by the Parliament and Council before they can come into force. For more information on the first set of ESRS, see our previous blog post.