On December 17, 2024, EFRAG published a voluntary sustainability reporting standard for SMEs that fall outside the scope of Directive 2022/2464/EU on corporate sustainability reporting ("CSRD Directive").
The aim of this voluntary standard—or "VSME"—is to assist SMEs in efficiently and proportionately responding to information requests they receive, for example, from investors, banks, or the companies to which they are suppliers. In doing so, it will facilitate their contribution to economic transformation and enable their access to sustainable financing.
Following the approval of the first set of common reporting standards (ESRS) in December 2023 and this new voluntary standard for non-listed SMEs, EFRAG and the Commission continue working on the approval of the following ESRS:
- Sector-specific.
- Listed SMEs, and
- Non-EU companies.