In September 2021, the EFRAG Working Group on European Sustainability Reporting Standards (PTF-ESRS) presented the Climate standard prototype working paper at its plenary meeting and subsequently published it on the EFRAG website. The working paper serves the purpose of transparency towards the public and is not a consultation document. The content of the working paper is based on internationally used standards, such as the Task Force on Climate-related Financial Disclosures (TCFD).
In parallel to the work on climate, PTF-ESRS continues to work on draft standards on all other sustainability topics mentioned in the European Commission’s CSRD (Corporate Sustainability Reporting Directive) proposal, which will be part of the draft standards to be submitted to the European Commission in mid-2022.
In terms of content, PTF-ESRS is working together with GRI and Shift on declarations on sustainability reporting and in the area of human rights. The tight timetable is challenging, as the new reporting obligation according to CSRD is to apply to financial years beginning on or after 1 January 2023.
Background of PTF-ESRS
The European Financial Reporting Advisory Group (EFRAG) is an organisation established in 2002 by a broad base of organisations representing auditors, preparers, users and national standard setters in Europe. It has the aim of:
- Providing technical expertise to the European Commission with regard to the application of IFRS in Europe
- Participate in the IASB’s standard-setting process
- Coordinate the development of views on international accounting standards in the EU
The working paper is not a consultation document but is intended to inform the public about the status of the work. The working paper is available here.
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