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The European Financial Reporting Advisory Group (EFRAG) has published three draft documents for the ESRS Implementation Guidance (IG). These include guidance on materiality assessment, value chain aspects, and detailed ESRS datapoints.


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

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The European Financial Reporting Advisory Group (EFRAG) has published three draft documents for the ESRS Implementation Guidance (IG). These include guidance on materiality assessment, value chain aspects, and detailed ESRS datapoints. Aimed at enhancing the implementation of ESRS, the documents provide comprehensive reporting requirements and practical guidance.

1.Draft EFRAG IG 1 on materiality assessment

The EFRAG’s ESRS implementation guidance focuses on integrating material impacts, risks, and opportunities (IROs) in sustainability statements. It emphasizes the comprehensive materiality assessment, covering the entire value chain. The guidance encourages stakeholder engagement, sets criteria for assessing materiality, and aligns with international standards. Additionally, it mandates specific disclosures related to IROs, their interaction with business strategies, and adherence to ESRS requirements. This approach ensures thorough and transparent sustainability reporting within the financial sector.

2.Draft EFRAG IG 2 on value chain aspects

The objective of this implementation guidance is to support companies in implementing the ESRS, particularly regarding value chain information. It aligns with the Corporate Sustainability Reporting Directive (CSRD) and the 2013/34/EU Directive (Accounting Directive) amendments. The implementation guidance aims to provide clarity and practical approaches for handling value chain information in sustainability reports and focuses on incorporating upstream and downstream value chain information. Key aspects cover:

3.Draft EFRAG IG 3 on detailed ESRS datapoints, including an Excel workbook and explanatory note.

The EFRAG IG 3 is a comprehensive list of all sector-agnostic ESRS disclosure requirements, excluding ESRS 1. Aimed to aid in preparing sustainability statements, it includes mandatory and materiality-assessment-based datapoints. This list, structured according to ESRS architecture, enhances comparability in sustainability data reporting and supports undertakings in aligning their ESG data reporting with ESRS requirements. It is a key tool for entities adapting to the new ESRS framework, particularly for gap analysis and data organization.

Timeline

Stakeholders are welcome to provide feedback until February 2, 2024.

cleversoft’s services

At cleversoft, we are closely following the regulatory developments on the Corporate Sustainability Reporting Directive (CSRD). Utilizing these updates as a foundation, we are building our CSRD-service implementation. Once the implementation guidelines are finalized, we will promptly provide a concise summary of the key points and seamlessly integrate these into our services to ensure compliance and efficiency.