Supporting companies in applying the European sustainability reporting standards

The seminar brought together experts and practitioners from Member State representations, business and trade associations, companies, consultancies, auditors and other stakeholders. Building on the Commission’s expert dialogue held on 16 May 2024, the event further explored the key challenges and opportunities for companies as they begin to apply the ESRS. Speakers discussed practical ways to support the implementation of the new framework, including digital tools to facilitate reporting. Moreover, the event addressed challenges around the audit and assurance of ESRS reports and voluntary reporting by SMEs in the value chain of larger companies.

The ESRS started to apply to the first companies in scope of the Corporate Sustainability Reporting Directive (CSRD) as of financial year 2024. The first companies in scope have now been preparing their sustainability reports and are getting ready to publish their first ones in 2025. Effective and well-targeted support initiatives and resources can help to reduce costs and burden for companies. In addition to helping companies under the scope of the CSRD, support initiatives can also benefit SMEs that are not legally required to report but nevertheless face an increased demand for sustainability information as a result of the so-called “trickle-down effect”.

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