Helpful EFRAG resources for CSRD reporting

What is the EFRAG

Die European Financial Reporting Advisory Group (EFRAG) is committed to supporting stakeholders in implementing the European Sustainability Reporting Standards (ESRS). As part of this commitment, EFRAG regularly publishes non-binding explanations that answer technical questions about ESRS. These explanations show where the relevant content can be found in the standards and provide guidance.

ESRS Q&A Platform

On 25 July 2024, EFRAG published an updated compilation of 93 explanations to answer the technical questions asked by stakeholders about the ESRS. These explanations are crucial for understanding and effectively implementing the ESRS.

Questions about ESRS and the implementation of reporting can be answered by EFRAG ESRS Q&A Platform be asked.

New implementation notes for ESRS

EFRAG has completed and published its first three Implementation Guidance (IG) for the ESRS. These documents reflect public feedback and provide detailed instructions to help implement ESRS:

1. EFRAG IG 1: Dual materiality analysis
   • This guideline document describes an exemplary materiality review process for organizations. It explains the concepts of impact and financial materiality with practical examples and includes FAQs to support the double materiality review.
2. EFRAG IG 2: Value chain
   • This document describes the reporting requirements for the value chain, from the materiality review to key figures and objectives. It includes a 'value chain map, 'which summarizes disclosure requirements across all ESRS.
3. EFRAG IG 3: Detailed ESRS data points
   • This guide translates the full list of ESRS Set 1 detailed requirements into an Excel format that is useful for data gap analysis or data collection. Here You can also find the document “Explanatory Note” for the list of data points.

By prioritizing these guidelines, EFRAG aims to help organizations and stakeholders implement ESRS and ensure that they focus on the most relevant aspects of the standards. The documents are designed to promote transparency and consistency in sustainability reporting by providing practical guidance and frequently asked questions.

These efforts by EFRAG are crucial for the effective and consistent application of ESRS standards and contribute to improving the quality and transparency of sustainability reporting across Europe.