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Members of the European Parliament (MEPs) have approved a two-year extension for the development of sector-specific European Sustainability Reporting Standards (ESRS), including standards for non-EU companies.


Let's talk how we can help your business.


Connect to a new world of efficiency by utilizing cleversoft’s business solutions.

Contact us

Let's talk how we can help your business.


Connect to a new world of efficiency by utilizing cleversoft’s business solutions.

Contact us

Members of the European Parliament (MEPs) have approved a two-year extension for the development of sector-specific European Sustainability Reporting Standards (ESRS), including standards for non-EU companies.  

Adoption Timeline

The two-year postponement aims to help companies adapt to the European Sustainability Reporting Standards (ESRS), which require detailed disclosures about their impact on environmental and social aspects, such as decarbonization, biodiversity, and human rights.  

The Commission also proposes to postpone the adoption of general sustainability reporting standards for third country companies until 2026. As a reminder: reporting obligations for non-EU companies with turnover above 150 million euro and their branches in the EU with turnover above 40 million euro will only start to apply in 2028. 

The delay is intended to allow companies more time to focus on implementing the first set of general ESRS, established on 31 July 2023. 

Publish standards in eight areas as soon as ready 

MEPs believe that sector-specific sustainability standards enable comparisons between companies and are therefore a valuable source of information for investors. Therefore, MEPs also  

EFRAG Launches Workshops on its Draft Sector Classification 

EFRAG announces that it will hold a series of online workshops in February 2024 to collect feedback on the current version of the draft ESRS – SEC1 Sector Classification, which is expected to be shared for consultation in the coming months. All interested stakeholders are invited to participate.  

Outstanding Publications 

Publications that are officially communicated to be outstanding for CSRD Implementation 

EFRAG Publishes a Public Consultation on two Exposure Drafts on Sustainability Reporting Standards for SMEs 

On January 22nd EFRAG has initiated a public consultation on two documents:  

This consultation is open until 21 May 2024. Additionally, EFRAG is calling for preparers and users to engage in a field test, with a reminder that the deadline to express interest in participating is 31 January 2024. 

 

cleversoft’s services 

At cleversoft, we are closely following the regulatory developments on the Corporate Sustainability Reporting Directive (CSRD). Our understanding is that starting from January 2025 companies-in-scope have to prepare their CSRD-reports based on the first set of general ESRS. cleversoft is already finalising the service design based on the current regulatory status and is preparing for the first clients onboarding

cleversoft will participate in the EFRAG workshops in February 2024 to provide feedback on the current Draft Sector Classification and will hence ensure collecting best practices within the financial sector and implementing these as an early adopter in our CSRD service.  

Once the sector-specific standards are published, we will share an update with you and seamlessly integrate these into our service to ensure compliance and efficiency.