European Financial Reporting Advisory Group

Vice Chair of the Sustainability Reporting Board of the European Financial Reporting Advisory Group and Special Liaison to ISSB, Kerstin Lopatta, Joins Persefoni's Sustainability Advisory Board

Retrieved on: 
Thursday, June 1, 2023
International Sustainability Standards Board, SAB, City University of Hong Kong, Corporate sustainability, Partnership, University, EFRAG, Overalls, University of Hamburg, Research, European Financial Reporting Advisory Group, Carbon, Movement, Sustainability accounting, Sustainability, CMAP, CSRD, Faculty, University of Luxembourg, CDP, Economics, City University, ISSB, Management, EU

TEMPE, Ariz. and LONDON, June 1, 2023 /PRNewswire/ -- Persefoni, a leading Climate Management & Accounting Platform (CMAP) for enterprises and financial institutions, has announced the appointment of Professor Kerstin Lopatta to its Sustainability Advisory Board (SAB). The board, which comprises global experts in sustainability, strategically advises Persefoni's board and executive team on sustainability reporting product offerings, market strategies, and overall vision.

Key Points: 
  • The board, which comprises global experts in sustainability, strategically advises Persefoni's board and executive team on sustainability reporting product offerings, market strategies, and overall vision.
  • Professor Lopatta is a highly respected academic and practitioner in the field of sustainability reporting and financial accounting.
  • She previously served as the Vice Chair of the Sustainability Reporting Board of the European Financial Reporting Advisory Group (EFRAG) and Special Liaison to the International Sustainability Standards Board (ISSB), where she was responsible for the inaugural set of European Sustainability Reporting Standards (ESRS) during her tenure at EFRAG.
  • Professor Lopatta has extensive experience in sustainability reporting and financial accounting in practice and research.

EBA issues Opinion to the European Commission on the draft European Sustainability Reporting Standards

Retrieved on: 
Friday, January 27, 2023
Pillar, EBA, European Financial Reporting Advisory Group, EIOPA, Overalls, European Banking Authority, European Securities and Markets Authority, ESMA, EFRAG, Regulation (European Union), Royal commission, Communication, European Commission, Committee of European Securities Regulators, Financial Services and Markets Authority (Belgium), European Insurance and Occupational Pensions Authority, Adoption, Corporate sustainability, Pension, Article, Comment, CSRD, European, Disclosure, Accounting, Real estate, EU

26 January 2023

Key Points: 
  • 26 January 2023
    The European Banking Authority (EBA) published today an Opinion on the draft European Sustainability Reporting Standards (ESRS) developed by the European Financial Reporting Advisory Group (EFRAG).
  • In this Opinion, addressed to the European Commission, the EBA acknowledges that, overall, the draft ESRS are consistent with international standards and any other relevant EU Regulation.
  • The EBA also highlights a few aspects that should deserve further consideration by the European Commission.
  • The European Commission also requested an Opinion from the European Securities and Markets Authority (ESMA) and the European Insurance and Occupational Pensions Authority (EIOPA).

ESMA issues its first opinion on the draft European Sustainability Reporting Standards

Retrieved on: 
Friday, January 27, 2023
EBA, European Financial Reporting Advisory Group, EIOPA, Commission, European Securities and Markets Authority, ESMA, EFRAG, Terminology, Royal commission, Dungeon Planner Set 1: Caverns of the Dead, European Commission, Chair, Legislation, Corporate sustainability, Disclosure, Audit, Risk management, Renewable energy, EU

ESMA issues its first opinion on the draft European Sustainability Reporting Standards

Key Points: 
  • ESMA issues its first opinion on the draft European Sustainability Reporting Standards
    The European Securities and Markets Authority, the EU’s financial markets regulator and supervisor, has issued an opinion on the first set of draft European Sustainability Reporting Standards (ESRS Set 1) developed by the European Financial Reporting Advisory Group (EFRAG).
  • ESMA finds that ESRS Set 1 broadly meets the objective of being conducive to investor protection and of not undermining financial stability.
  • To bring Set 1 from broadly capable to fully capable of meeting that objective, ESMA advises the European Commission to address selected technical issues set out in the opinion.
  • The European Commission will consider ESMA’s technical input as it finalises ESRS Set 1 and adopts it into delegated acts.

Value Research Center (VRC) publishes August White Paper: The VRC Value Model & EFRAG

Retrieved on: 
Tuesday, September 6, 2022
European Financial Reporting Advisory Group, Sustainability, Science, Government, Customer value model, Workload, Company, White paper, VRC, Goal, Organization, EU taxonomy for sustainable activities, ESG, EFRAG, Doshisha University, Industry, Risk management, EU

The Value Research Center (VRC) at Doshisha University in Kyoto, Japan has announced the publication of its 2022 August White Paper, focusing on the European Financial Reporting Advisory Group (EFRAG's) latest disclosure drafts for sustainability reporting, and how this model aligns with and deepens the overall quality of the VRC Value Model.

Key Points: 
  • The Value Research Center (VRC) at Doshisha University in Kyoto, Japan has announced the publication of its 2022 August White Paper, focusing on the European Financial Reporting Advisory Group (EFRAG's) latest disclosure drafts for sustainability reporting, and how this model aligns with and deepens the overall quality of the VRC Value Model.
  • The Value Research Center (VRC) publishes 2022 August White Paper: The Value Model & EFRAG
    According to Professor Philip Sugai, Director of the Value Research Center, "After integrating EFRAG's 114 draft disclosure requirements into the VRC Value Model, we were impressed with the scope of EFRAG's coverage of many of the Value Model's stakeholders, themes and goals.
  • The "2022 August White Paper: The Value Model & EFRAG" is available for download at the Value Research Center website: www.valueresearchcenter.com/publications.
  • The Value Research Center (VRC) at Doshisha University in Kyoto, Japan was established in November 2021.

New report helps companies and investors make sense of proposed climate disclosure standards

Retrieved on: 
Thursday, June 9, 2022
Software Sustainability Institute, EFRAG, Leadership, ERM, IFRS, European Financial Reporting Advisory Group, Enhancement, Time, Trust, ESG, Corporate sustainability, CMAP, CEO, Silent Scope 3, News, Security (finance), Environment, Investor, U.S. Securities and Exchange Commission, Climate, Organization, Travel, International, Multimedia, CSRD, Risk, Health, Task force, SEC, ISSB, GHG, Greenhouse gas, Disclosure, Institute, Climate change, Evolution, ERP, Safety, International Sustainability Alliance, Financial adviser, Renewable energy, Risk management, Online gambling, Online shopping, EU

TEMPE, Ariz. and LONDON, June 9, 2022 /PRNewswire/ -- A new report "The Evolution of Sustainability Disclosure" released today by the Sustainability Institute by ERM (ERM) and Persefoni reveals that there is substantial convergence among new climate-related disclosure frameworks, namely the proposed rules developed by the Securities and Exchange Commission (SEC) in the U.S., the European Financial Reporting Advisory Group (EFRAG) in the EU, and the International Financial Reporting Standards Foundation's (IFRS) International Sustainability Standards Board (ISSB). Noting this convergence, the report also points to significant opportunity for greater harmonization, which would increase the comparability and potentially the quality of climate-related disclosure.

Key Points: 
  • Noting this convergence, the report also points to significant opportunity for greater harmonization, which would increase the comparability and potentiallythe quality of climate-related disclosure.
  • In Europe, EFRAG released guidance in April 2022 on a broad range of sustainability-related disclosure requirements, including the European Sustainability Reporting Standards (ESRS) .
  • Rather, as standards setters, their role is to craft sustainability standards that individual jurisdictions and regulators can adopt or otherwise use in their rulemaking.
  • Climate risks and opportunities are a top priority for investors and increasingly for companies.

New report helps companies and investors make sense of proposed climate disclosure standards

Retrieved on: 
Thursday, June 9, 2022
Software Sustainability Institute, EFRAG, Leadership, ERM, IFRS, European Financial Reporting Advisory Group, Enhancement, Time, Trust, ESG, Corporate sustainability, CMAP, CEO, Silent Scope 3, News, Security (finance), Environment, Investor, U.S. Securities and Exchange Commission, Climate, Organization, Travel, International, CSRD, Risk, Health, Task force, SEC, ISSB, GHG, Greenhouse gas, Disclosure, Institute, Climate change, Evolution, ERP, Safety, International Sustainability Alliance, Financial adviser, Renewable energy, Risk management, Online gambling, Online shopping, EU

TEMPE, Ariz. and LONDON, June 9, 2022 /PRNewswire/ -- A new report "The Evolution of Sustainability Disclosure" released today by the Sustainability Institute by ERM (ERM) and Persefoni reveals that there is substantial convergence among new climate-related disclosure frameworks, namely the proposed rules developed by the Securities and Exchange Commission (SEC) in the U.S., the European Financial Reporting Advisory Group (EFRAG) in the EU, and the International Financial Reporting Standards Foundation's (IFRS) International Sustainability Standards Board (ISSB). Noting this convergence, the report also points to significant opportunity for greater harmonization, which would increase the comparability and potentially the quality of climate-related disclosure.

Key Points: 
  • Noting this convergence, the report also points to significant opportunity for greater harmonization, which would increase the comparability and potentiallythe quality of climate-related disclosure.
  • In Europe, EFRAG released guidance in April 2022 on a broad range of sustainability-related disclosure requirements, including the European Sustainability Reporting Standards (ESRS) .
  • Rather, as standards setters, their role is to craft sustainability standards that individual jurisdictions and regulators can adopt or otherwise use in their rulemaking.
  • Climate risks and opportunities are a top priority for investors and increasingly for companies.

Workday Helps Global Customers Drive Social and Sustainability Initiatives with Expanded ESG Offerings

Retrieved on: 
Thursday, April 21, 2022
People, European Financial Stability Facility, Carbon, Steam, European Financial Reporting Advisory Group, NASDAQ, Transport, Collection, Organization, HCM, ESG, Silent Scope 3, Goal, Workforce, Electricity, Telecommunications (Interception and Access) Amendment (Data Retention) Act 2015, Ecosystem, Solution, SEC, Silent Scope 2, EFRAG, WDAY, Risk, Disclosure, Lithium, Renewable energy, EU, Deloitte

PLEASANTON, Calif., April 21, 2022 /PRNewswire/ -- Workday (NASDAQ:WDAY), a leader in enterprise cloud applications for finance and human resources, today announced new solutions and expanded capabilities to help its global customers meet the demands of evolving environmental, social, and governance (ESG) regulations and corporate accountability. Two new solutions – social reporting for ESG and supplier risk and sustainability – will complement the company's current product portfolio, which already supports ESG goals with belonging & diversity solutions, sustainable sourcing, compliance training, pervasive audit and internal controls features, and planning and analysis of ESG data.

Key Points: 
  • As a result, Workday is expanding its ESG offerings to continue helping customers gain visibility and insight into data that is critical to meet current and developing ESG requirements.
  • Additionally, Workday is enabling its broader ecosystem including customers, partners, and the wider developer community to deploy and adopt new ESG capabilities by using open standards and technologies to build extended solutions on the Workday platform, helping to support global customers' ESG initiatives across regions and industries.
  • Workday offers a flexible platform that helps enable customers and partners to adapt as ESG regulations continue to develop.
  • The social reporting for ESG solution is available today and the supplier risk and sustainability solution will be available later in 2022 at no additional cost to Workday customers.

Workday Helps Global Customers Drive Social and Sustainability Initiatives with Expanded ESG Offerings

Retrieved on: 
Thursday, April 21, 2022
People, European Financial Stability Facility, Carbon, Steam, European Financial Reporting Advisory Group, NASDAQ, Transport, Collection, Organization, HCM, ESG, Silent Scope 3, Goal, Workforce, Electricity, Telecommunications (Interception and Access) Amendment (Data Retention) Act 2015, Ecosystem, Solution, SEC, Silent Scope 2, EFRAG, WDAY, Risk, Disclosure, Lithium, Renewable energy, EU, Deloitte

PLEASANTON, Calif., April 21, 2022 /PRNewswire/ -- Workday (NASDAQ:WDAY), a leader in enterprise cloud applications for finance and human resources, today announced new solutions and expanded capabilities to help its global customers meet the demands of evolving environmental, social, and governance (ESG) regulations and corporate accountability. Two new solutions – social reporting for ESG and supplier risk and sustainability – will complement the company's current product portfolio, which already supports ESG goals with belonging & diversity solutions, sustainable sourcing, compliance training, pervasive audit and internal controls features, and planning and analysis of ESG data.

Key Points: 
  • As a result, Workday is expanding its ESG offerings to continue helping customers gain visibility and insight into data that is critical to meet current and developing ESG requirements.
  • Additionally, Workday is enabling its broader ecosystem including customers, partners, and the wider developer community to deploy and adopt new ESG capabilities by using open standards and technologies to build extended solutions on the Workday platform, helping to support global customers' ESG initiatives across regions and industries.
  • Workday offers a flexible platform that helps enable customers and partners to adapt as ESG regulations continue to develop.
  • The social reporting for ESG solution is available today and the supplier risk and sustainability solution will be available later in 2022 at no additional cost to Workday customers.

ESMA endorses IFRS 17 insurance contracts

Retrieved on: 
Friday, January 29, 2021
International Financial Reporting Standards, Accounting, Financial services, Financial regulation, Economy, Actuarial science, Insurance, IFRS 17, Accounting systems, International Accounting Standards Board, European Financial Reporting Advisory Group, IFRS 1

ESMA supports the endorsement of IFRS 17 which will provide a consistent system of requirements to account for insurance and reinsurance contracts.

Key Points: 
  • ESMA supports the endorsement of IFRS 17 which will provide a consistent system of requirements to account for insurance and reinsurance contracts.
  • ESMAs response to the consultation indicates that a key role in promoting greater transparency and consistency in accounting for insurance contracts in accordance with IFRS 17 is played by the principles for the aggregation of contracts that form an integral part of the new measurement model.
  • In addition, ESMA notes that IFRS 17 is a very detailed standard which reflects the complexity of the underlying insurance and reinsurance business which results in the extensive application of professional judgement.
  • The response builds on previous ESMA public positions in relation to IFRS 17, particularly its September 2019 response to EFRAGs consultation on its draft comment letter on the International Accounting Standards Boards Exposure Draft Amendments to IFRS 17.

ESMA Chair Maijoor speech at EFRAG conference on IFRS and regulation

Retrieved on: 
Friday, November 29, 2019
Accounting, Financial regulation, International Financial Reporting Standards, European Financial Reporting Advisory Group, Financial statement, International Accounting Standards Board, IFRS Foundation, IFRS 1

28 November 2019

Key Points: 
  • 28 November 2019

    ESMA Chair Steven Maijoor delivered a keynote speech today at the EFRAG Conference on IFRS and regulation in Brussels.

  • Hestressed that:

    The strong capital market orientation of IFRS can be an important factor in building a stronger Capital Markets Union.

  • It is necessary to bring non-financial information to a level of maturity that is comparable to that of IFRS information and to complement IFRS financial statements.
  • This will enable investors and other stakeholders to further assess the potential for value creation of issuers.