EFRAG Releases New ESRS Q&A Explanations Covering the January-July 2024 Period

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These responses are provided as part of EFRAG’s role as a technical advisor to the European Commission and are expected to provide practical and timely support to preparers and others in the implementation of ESRS. The Explanations released today are grouped in chapters according to their nature (Cross-cutting, Environment, Social or Governance) and their Disclosure Requirements, following the ESRS’ architecture. To increase user friendliness, the Compilation of Explanations also has now hyperlinks to the text of the individual ESRS, including its Corrigendum.

The Compilation of Explanations also has now in an appendix a log of those questions received that were categorised as ‘already asked/answered’. They were rejected because they were answered elsewhere. The log has a reference to the location where they have been answered.

EFRAG will continue releasing Explanations following its due process, including on the engagement from both EFRAG’s Sustainability Reporting Board and its Technical Expert Group in public discussions.

Background

In the fourth quarter of 2023, EFRAG launched its ESRS Q&A Platform to collect and answer technical questions, supporting preparers and other stakeholders with the implementation of the European Sustainability Reporting Standards (ESRS) issued as a Delegated Act. 

Answers may take the form of Implementation Guidance, which is shared with the public and informed by its feedback before being finalised, or Explanations, which are not shared with the public for feedback. Implementation Guidance and Explanations are non-authoritative in nature; they are not issued as Delegated Acts, and they are final upon release by EFRAG.

Explanations cover cases in which the content of ESRS already provides an appropriate answer. In these cases, the Explanations issued by EFRAG show where the content is located in the ESRS and how to navigate the ESRS accordingly.  

Today’s released Compilation of Explanations document constitutes the updated set of formally approved answers to the questions categorised as ‘explanations’ during January-July 2024.