31/05/2024 - Finalization of Three EFRAG ESRS IG Documents (EFRAG IG 1 to 3)
EFRAG is pleased to announce the finalization of its first three ESRS Implementation Guidance documents issued today reflecting the outcome of the public feedback: EFRAG IG Materiality Assessment, EFRAG IG 2 Value Chain and EFRAG IG 3 ESRS Datapoints. Feedback statements prepared by the EFRAG Secretariat are also released illustrating how the public feedback is reflected in the final IGs.
These publications were open for public feedback from 22 December 2023 to 2 February 2024, and they address the most challenging aspects of ESRS implementation:
By prioritising these documents, EFRAG aims to support undertakings and other stakeholders in the implementation of the ESRS, helping them to focus on the aspects of the standards that are more relevant to them and illustrating the reporting requirements with practical language and frequently asked questions.
These documents are non-authoritative and support implementation as follows.
- IG 1: Materiality Assessment Implementation Guidance (MAIG) provides an illustrative materiality assessment process for undertakings, and it develops the concept of impact and financial materiality with a number of examples, including how these two concepts interplay. It also contains FAQs on the double materiality assessment to provide practical implementation guidance on disclosing material impacts, risks and opportunities. Feedback statement available here.
- IG 2: Value Chain Implementation Guidance (VCIG) outlines the reporting requirements for the value chain from materiality assessment to policies and actions to metrics and targets. It illustrates the reporting boundary of the group for sustainability reporting, including the concept of operational control in environmental standards. The VCIG also includes FAQs for further information and a 'value chain map' summarising value chain implications per disclosure requirement across all ESRS. Feedback statement available here.
- IG 3: List of ESRS Datapoints translates the complete ESRS Set 1 list of detailed requirements in each Disclosure Requirement and related Application Requirements in Excel format. The file contains additional information, such as the types of requirement (for example, quantitative or qualitative) or whether these are subject to transitional provisions. This list can form the basis for a data gap analysis or data collection exercise. Explanatory note available here & feedback statement here.
These documents provide essential guidance to ensure organisations effectively implement and comply with ESRS standards, promoting transparency and consistency in sustainability reporting.
Jointly to the IGs, feedback statements are released under the responsibility of EFRAG Secretariat to illustrate how the public feedback has been reflected in the IGs.
