ROSE becomes a Friend of EFRAG

‍What is the EFRAG?‍

EFRAG stands for the European Financial Reporting Advisory Group. It is a private association established in 2001 with the encouragement of the European Commission to serve the public interest.

Their work is organized into two pillars:

1. Financial Reporting: The EFRAG influences the development of IFRS standards from a European perspective and provides advice to the European Commission on how to amend the standards to make them more efficient.
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2. Sustainability Reporting: In 2022, the EFRAG played a key role in the CSRD (Corporate Sustainability Reporting Directive), providing the European Commission with a fully prepared draft of the EU Sustainability Reporting Standards (ESRS).‍

Why Do We See Them as Essential?

At ROSE, sustainability has been our focus for years. We believe that only rigorous, legally binding standards can truly shift how companies view sustainability. Creating transparent standards that apply and fit to all companies moved sustainability away from a marketing differentiator.  

Of course, sustainability wasn’t born yesterday. The Paris agreement (2015) or the EU’s sustainability package show the international community’s commitment to a more sustainable world. Measuring progress becomes the next essential step in achieving this goal. The ESRS finally pushed the companies to disclose where they stand and thus take actions to improve.  

CSRD standards are currently being adopted by European companies. Sustainability data is now being collected, organized, and properly structured into dedicated tools. This data empowers them to base business and investment decisions on their sustainability impact.

We're witnessing a shift towards sustainability-conscious decision-making, something ambitious and consistent standards across Europe made possible. Sustainability demands a seat at the decision-making table, and it's finally being heard.

What’s Coming Next?

This partnership creates unique value for our clients in the following ways:

• Direct dialogue with the people that actually wrote the ESRS:
  • While entire Europe and especially Auditing firms are struggling to establish their interpretation of the standards, we are directly in touch with the regulators ensuring a deep and real understanding of the requirements. 
  • The methodology used to support our clients is based on the source and is adapted to every regulatory update.
• Tech tailored to change: Our software is updated alongside regulations, ensuring compliance and efficiency. Friends of EFRAG are involved in draft documents, and kept in the loop with most recent news and upcoming changes. 

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