The implementation of European Sustainability Reporting Standards (ESRS) has enhanced cross-departmental collaboration, according to a study by the European Financial Reporting Advisory Group (EFRAG), published on Thursday 25 July.
The aim of this study is to provide an overview of emerging practices at a certain stage of implementation in the European Union of the ‘CSRD’ directive on sustainability reporting and ESRS, with a view to highlighting related challenges.
Companies also highlighted the need to standardise ESG (environmental, social and governance) reporting processes, including data quality controls, in the same way as financial reporting, particularly with a view to auditing. Finally, they called for additional resources, particularly for IT transformation.
On the other hand, most of the companies surveyed recognise the value of an in-depth, objective, evidence-based Double Materiality Assessment as a strategic exercise for reporting purposes and for setting ESG managerial priorities, in alignment with ESRS standards.
The study intentionally focuses on large companies and is therefore not representative of the diversity of companies that will apply the ESRS.
To read the study: https://aeur.eu/f/d64 (Original version in French by Anne Damiani)