Comment letter on draft European Sustainability Reporting Standards
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Comment letter on draft European Sustainability Reporting Standards

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On April 29, 2022, the European Financial Reporting Advisory Group, or EFRAG, exposed 13 draft European Sustainability Reporting Standards (ESRS) for public comment. As a key component of the European Commission’s Corporate Sustainability Reporting Directive, the draft ESRS outline provisions for companies in scope to report on environmental, social and governance matters.

The AICPA & CIMA response to the EFRAG’s public consultation highlights the following:

  • The importance of alignment with existing standards and frameworks and international sustainability standard-setting developments

  • Views on the use of financial and ESG impact materiality in tandem to provide an overall picture of an organization’s value

  • Support for a degree of flexibility with respect to disclosure requirements in the form of phased-in compliance requirements

  • The necessary components for contributing to the trust in, and effectiveness of, our financial reporting system, including assurance provided by audit firms who are held accountable to core values of integrity, objectivity, and independence

Read the comment letter for deeper insights on each of the matters outlined above.

Download the AICPA & CIMA Response to Consultation Request on Draft European Sustainability Disclosure Standards

File name: aicpa-cima-sus-standards-consultation-response-04-august-2022.pdf

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