Stage one – CSRD Postponement Proposal
Within the next few months, this is expected to be adopted at EU level (in current or modified form), which would accord with the Commission’s proposal that Member States must transpose the postponed timelines into national law by 31 December 2025.
Stage two – CSRD Substantive Proposal
During 2025 (and likely beyond), the Parliament and the Council will be working to adopt their positions on how the CSRD should be amended substantively. The Parliament is unlikely to adopt the Commission’s proposal without modifications, and the Council may also take a different position from the Parliament.
The co-legislators will need to eventually agree on how the CSRD should be changed before jointly adopting the final “amending Directive” into EU law.
Upon the entry into force of the “amending Directive”:
Within 4 months, the Commission should adopt the new Voluntary Standards, which will likely be based on the standard for SMEs developed by EFRAG.
Within 6 months (or as soon as possible), the Commission should substantively revise the first set of ESRS through adopting a Delegated Act. This is intended to be “in time for those undertakings…that would be required to start reporting under the CSRD in 2028 for financial year 2027 to apply the revised standards”.
Within 12 months, Member States should transpose the “amending Directive” into national law.
Within 12 months, Member States should transpose the “amending Directive” into national law.
Within 6 months (or as soon as possible), the Commission should substantively revise the first set of ESRS through adopting a Delegated Act. This is intended to be “in time for those undertakings…that would be required to start reporting under the CSRD in 2028 for financial year 2027 to apply the revised standards”.
Within 4 months, the Commission should adopt the new Voluntary Standards, which will likely be based on the standard for SMEs developed by EFRAG.
Upon the entry into force of the “amending Directive”:
During 2025 (and likely beyond), the Parliament and the Council will be working to adopt their positions on how the CSRD should be amended substantively. The Parliament is unlikely to adopt the Commission’s proposal without modifications, and the Council may also take a different position from the Parliament.
The co-legislators will need to eventually agree on how the CSRD should be changed before jointly adopting the final “amending Directive” into EU law.
Stage two – CSRD Substantive Proposal
Within the next few months, this is expected to be adopted at EU level (in current or modified form), which would accord with the Commission’s proposal that Member States must transpose the postponed timelines into national law by 31 December 2025.
Stage one – CSRD Postponement Proposal
Within 12 months, Member States should transpose the “amending Directive” into national law.
Within 6 months (or as soon as possible), the Commission should substantively revise the first set of ESRS through adopting a Delegated Act. This is intended to be “in time for those undertakings…that would be required to start reporting under the CSRD in 2028 for financial year 2027 to apply the revised standards”.
Within 4 months, the Commission should adopt the new Voluntary Standards, which will likely be based on the standard for SMEs developed by EFRAG.
Upon the entry into force of the “amending Directive”:
During 2025 (and likely beyond), the Parliament and the Council will be working to adopt their positions on how the CSRD should be amended substantively. The Parliament is unlikely to adopt the Commission’s proposal without modifications, and the Council may also take a different position from the Parliament.
The co-legislators will need to eventually agree on how the CSRD should be changed before jointly adopting the final “amending Directive” into EU law.
Stage two – CSRD Substantive Proposal
Within the next few months, this is expected to be adopted at EU level (in current or modified form), which would accord with the Commission’s proposal that Member States must transpose the postponed timelines into national law by 31 December 2025.
Stage one – CSRD Postponement Proposal