EFRAG Releases Simplified European Sustainability Reporting Standards

The European Financial Reporting Advisory Group (EFRAG) has released its proposed revision of the European Sustainability Reporting Standards (ESRS). It aims to simplify and reduce sustainability reporting requirements for companies under the EU’s Corporate Sustainability Reporting Directive (CSRD). The draft simplified ESRS features sections on environmental, social and governance standards. Notable alterations include a substantial reduction in reportable data points and simplifications in materiality assessments and supply-chain data collection.