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ARTICLE · 13 FEBRUARY 2024

CSRD: EFRAG Publishes Draft SME Reporting Standards

Arthur Cox
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EFRAG published for public consultation exposure drafts of the European Sustainability Reporting Standards (ESRS) for listed SMEs, small and non-complex credit institutions...

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Aisling Carey
Aisling Carey
Suzanne Kearney
Suzanne Kearney
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EFRAG published for public consultation exposure drafts of the European Sustainability Reporting Standards (ESRS) for listed SMEs, small and non-complex credit institutions and captive insurance and reinsurance undertakings (together, LSMEs) and a voluntary reporting standard for non-listed SMEs. The consultation runs until 21 May 2024.

The purpose of the ESRS for LSMEs is to set reporting requirements that are proportionate and relevant to the scale and complexity of their activities and to the capacities and characteristics of LSMEs. LSMEs are due to begin reporting under the Corporate Sustainability Reporting Directive (CSRD) for financial years commencing on or after 1 January 2026 (reporting 2027), with an additional two year opt-out. The European Commission is due to adopt the ESRS for LSMEs by 30 June 2024.

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This article contains a general summary of developments and is not a complete or definitive statement of the law. Specific legal advice should be obtained where appropriate.

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