Beyond the GAAP no. 201 - 2025
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Beyond the GAAP no. 201 - 2025
This summer has seen significant progress on the work to simplify European sustainability reporting standards through the Omnibus I package proposals.
In terms of Taxonomy, the European Commission's work culminated in the publication on 4 July 2025 of a new Delegated Regulation that will apply as from the 2025 reporting published in 2026 and which is awaiting publication in the Official Journal of the EU.
On the ESRS side, EFRAG's work to revise these standards led to the 31 July 2025 publication of exposure drafts issued for comment as part of a public consultation open until 29 September 2025. EFRAG's proposals are aimed at significantly reducing the number of data points and the complexity of the standards with a view to a
corresponding reduction in the burden of compliance.
Pending the actual implementation of the revised ESRS, on 11 July 2025 the European Commission adopted a ‘quick fix’ Regulation amending Set 1 in order to offer some reliefs to Wave 1 entities from the 2025 reporting.
Finally, turning to IFRS Accounting Standards, the IFRS Foundation published near-final illustrative examples on 24 July 2025 showing how to improve the presentation of climate-related uncertainties in the financial statements.
Want to know more?
Inge van Sloun Director - Rotterdam
Audit & accounting advisory
The International Financial Reporting Standards (IFRS) are constantly under development. Complying with the standards, following the latest developments and analysing their possible impact can be an enormous challenge. Are you looking for expertise to help you with this? If so, you have found the right people at Forvis Mazars.