On 31 July 2023, only three weeks after the end of the public consultation on the draft delegated act, but a month behind the schedule set by the Corporate Sustainability Reporting Directive (CSRD), the European Commission adopted the final regulation on the first set of European Sustainability Reporting Standards (ESRS), after making a few last-minute changes based on the received responses (more than 600).
The final text of the ESRS is expected to be published in the Official Journal of the European Union by the end of this year (provided the European Parliament and the Council do not raise any objection), for entry into force from 1 January 2024 for the first companies concerned by the CSRD.
At international level but also as regards sustainability reporting, this issue of Beyond the GAAP features a detailed summary of the content of the first two standards that were released by the International Sustainability Standards Board (ISSB) at the end of June 2023, IFRS S1 – General Requirements for Disclosure of Sustainability-related Financial Information, and IFRS S2 – Climate-related Disclosures
Beyond the GAAP no. 179 - 2023