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Milestone for impact reporters: EFRAG and Global Reporting Initiative (GRI) confirm high level of interoperability between the ESRS and GRI Standards

In a remarkable stride towards simplifying sustainability reporting for companies, the European Financial Reporting Advisory Group (EFRAG) and the Global Reporting Initiative (GRI) announce their cooperation during the development of the draft European Sustainability Reporting Standards (ESRS).

This collaboration has yielded an achievement – a high level of interoperability between their respective standards concerning impact reporting. By doing so, EFRAG and GRI have alleviated the burden of double reporting for companies, creating a user-friendly reporting system without undue complexity.

The close alignment between the two frameworks ensures that existing GRI reporters will be well-prepared to report under the ESRS. These standards reflect the double materiality approach, however, the ESRS have embedded the GRI definition of impact materiality as wellFurthermore, the ESRS allow entities to utilize the GRI Standards to report on additional material topics not covered by the ESRS.

This means entities can report following both the ESRS and GRI Standards through one report. Looking ahead, EFRAG and GRI plan to enhance their cooperation by developing a digital taxonomy and a multi-tagging system for their standards. This would make digital reporting more streamlined and efficient for preparers, as shared disclosures could be cross-referenced between ESRS and GRI digital taxonomies.

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