Starting their work together in July 2021, the European Financial Reporting Advisory Group (EFRAG) and the Global Reporting Initiative (GRI) have provided technical input crucial to the development of the ESRS, which are set to become mandatory for 50,000 EU companies starting in 2023.
The GRI has welcomed the publication of the exposure drafts of the European Sustainability Reporting Standards (ESRS), which include the principle of double-materiality, which means as well as reporting on the financial considerations of sustainability, it also takes into account the external impacts of the reporting entity.
As of July 2022, the analysis of the ESRS against the widely used GRI standards is available - here.
This technical mapping is the GRI’s contribution during the ESRS draft consultation phase and provides a high level of observations, as well as detailed advice on each draft standard. Suggested improvements for a better integration with already established reporting standards, as well as enhanced quality and usability have been included.