The European Financial Reporting Advisory Group – EFRAG is a private association established in 2001.

In 2022, the European Union assigned EFRAG the task of developing the draft EU Sustainability Reporting Standards as part of the Corporate Sustainability Reporting Directive (CSRD).

EFRAG’s work is organized into two pillars: the Financial reporting pillar and the Sustainability reporting pillar.

EFRAG has cooperation agreements with GRI, Shift, and WICI  for its sustainability reporting activities.

 

The first standards were adopted by the European Commission in 2023, and their adoption depends on the outcome of the Legislative package – Simplification Omnibus. The standards can be found  here