On Monday, 4 September, the European Financial Reporting Advisory Group (EFRAG) and the independent standards organisation Global Reporting Initiative (GRI) announced that they had achieved a “high level of interoperability” between their respective standards regarding impact reporting.
In accordance with the Corporate Sustainability Reporting Directive (CSRD)—which provides for a double materiality approach and for existing standards to be taken into account—ESRS (European Sustainability Reporting Standards) and GRI definitions, concepts, and disclosures that concern impacts “are fully or [...] closely aligned”. This interoperability will make it possible to avoid multiple reporting.
“It confirms our initial choice to cooperate closely with the best practitioners in the field in building robust sustainable reporting standards that will meet both the EU ambition and our commitment to contribute to global progress”, commented EFRAG Sustainability Reporting Board Chair Patrick de Cambourg in a press release.
“The next step being the collaboration with EFRAG on the development of an interoperable digital taxonomy and multi-tagging system, including a full mapping of the GRI Standards and the ESRS”, indicated Eelco van der Enden, CEO of GRI.
The ESRS will also be interoperable with the IFRS (see EUROPE 13242/13). (Original version in French by Anne Damiani)