Expert take: What does the current CSRD landscape look like?
What’s happening now
On 3 July, the European Commission adopted the delegated act on the revised European Sustainability Reporting Standards. The update reduces the number of mandatory data points by more than 60%. However, this does not mean that the process simplifies as much. Increased interoperability with the #IFRSs brings some responsibilities to reporting organisations.
What should companies reporting in FY2027 do?
Companies reporting for financial year 2027 should use this year to finalise their double materiality assessment, identify the data points they need to report on, and strengthen internal data collection, controls, and audit trails.
Where to get more information
The Parliament and Council now have two to four months to review the final delegated act. We ran a webinar on the expectations around the new ESRS.
Watch now and be informed: https://nexioprojects.com/webinars/the-new-esrs-first-look-at-the-latest-updates/
On 3 July, the European Commission finally adopted the delegated act on the revised ESRS.
This is a moment a lot of organisations have been waiting for. Many of you have been waiting for the European Sustainability Reporting Standards to be simplified. The European Commission has delivered on its previous promise and reduced the number of mandatory data points by more than 60%.
However, this does not mean that efforts will also be simplified by 60%. Increased interoperability with the IFRS also means an increased focus on internal controls, greater focus on audit trails, and increased pressure on organisations to be thoroughly prepared for the first round of reporting.
For those of you who have to report for financial year 2027 using the revised ESRS, this means that by the end of this year, you’ll need to have your double materiality assessment fully ready. You’ll need to have identified all of the mandatory data points that you need to report on, as well as have the internal data collection and monitoring mechanisms in place to collect all the relevant data.
If you are interested in developments related to the revised ESRS, please note that the Parliament and Council now have between two and four months to adopt the final delegated act. This is also the moment when the Nexio Project is going to be hosting a webinar to go into all the details. If you’re interested, keep an eye out.