The European Banking Federation (EBF) and the European Association of Craft, Small and Medium-sized Enterprises (SMEUnited) have asked the European Commission to provide clarification on the priorities of the European Financial Reporting Advisory Group (EFRAG). In a letter dated Wednesday 3 May, the associations expressed their concerns about the postponement of the development of the European Sustainability Reporting Standards (ESRS), for which EFRAG is responsible.
The finalisation of the specific ESRS for unlisted SMEs, which will apply on a voluntary basis, has been postponed. Mairead McGuinness, Commissioner for Financial Services, asked EFRAG to prioritise its capacity building efforts for the implementation of the first set of ESRS over preparatory work for the draft sectoral standards (see EUROPE 13156/25).
The EBF and SMEUnited asked the Commissioner to re-prioritise activities, including the launch of a public consultation. They also want the consultation to include a mapping of value chain information for SMEs. They believe that “this information is essential for the public consultation in order to have a comprehensive understanding of the impact of SET 1 (of the ESRS) on all stakeholders”.
To read the letter: https://aeur.eu/f/6pd (Original version in French by Anne Damiani)