EFRAG is the private association that advises the European Commission on financial and sustainability reporting in the European public interest. It works through two pillars: a financial reporting pillar that influences the development of IFRS Standards from a European perspective and provides endorsement advice to the Commission, and a sustainability reporting pillar that drafts the European Sustainability Reporting Standards.
What EFRAG publishes
- Endorsement advice on each new or amended IFRS Standard, and the status reports that track EU adoption progress
- Draft and final ESRS, including the sector-agnostic set, the standards for listed SMEs and the voluntary VSME standard
- Implementation guidance on ESRS topics such as materiality assessment and the value chain
- Discussion papers, comment letters and technical advice
- Meeting agendas, papers and recordings from its boards and expert groups
Why it matters for compliance teams
EFRAG is where European reporting requirements are shaped before they become binding. An IFRS Standard does not apply in the EU until it is endorsed, and EFRAG's advice is the step that determines whether, when and with what carve-outs that happens. On the sustainability side, the ESRS it drafts are what CSRD reporting is actually measured against.
Seqlense DOC tracks EFRAG's output alongside the Commission regulations that adopt it and the national accounting standard-setters who apply it, so reporting teams can see a standard move from draft to binding text without switching sources.