FRA is proud to have director Viktor Josefsson deeply involved in the secretariat to the European Financial Reporting Advisory Group (EFRAG) Project Task Force on European Sustainability Reporting Standards (PTF-ESRS).
Setting a new standard
Following the European Commission's adoption of a legislative proposal for a Corporate Sustainability Reporting Directive (CSRD) in April 2021, the European Commission designated EFRAG to draft the framework for ESG reporting standards. During his secondment to the secretariat of the project task force, Viktor is working on developing reporting standards with regard to governance.
FRA is thrilled to directly support this important initiative that is expected to impact 50,000 entities once the reporting standards are adopted. It is a significant step towards championing and standardizing ESG reporting internationally. Our firm has supported numerous international matters where our unique blend of expertise has helped get to the bottom of and remediate failures in corporate governance inherently linked to social and environmental metrics and concerns (read more about FRA's ESG credentials here).
We have followed with great interest the general global trend towards putting sustainability reporting on equal footing with established financial reporting standards, and it is a privilege to support EFRAG and Viktor in turning this debate into concrete guidance.
EFRAG's mission is to serve the European public interest by developing and promoting European views in the field of financial reporting and ensuring that these views are properly considered in the IASB's standard-setting process and in related international debates. EFRAG ultimately provides advice to the European Commission on whether newly issued or revised IFRS Standards meet the criteria of the IAS Regulation for endorsement for use in the EU, including whether endorsement would be conducive to the European public good. (Source: efrag.org)