The standard setter of the most important European country have proposed a drastic simplification of the sustainability reporting standards drafted by EFRAG.

In a staff working paper sent to the European Financial Reporting Advisory Group (EFRAG), the Organismo Italiano di Contabilità (OIC) and the standard setters from France (Autorité des Normes Comptables, ANC), Germany (Deutsches Rechnungslegungs Standards Committee e.V., DRSC) and Spain (Instituto de Contabilidad y Auditoría de Cuentas, ICAC), intervened in the ongoing debate over the revision of the European Sustainability Reporting Standards (ESRS) developed by EFRAG.

The indications of the four standard setters are fully in tune with the results of a survey on the first application of the ESRS that the OIC launched at the same time as the European Commission published the Omnibus reform.

Attached the press release, the letter prepared in consultation with the other NSS and the feedback statement summarizing the results of the OIC survey.