Reporting Intelligence – March 2026
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EFRAG launches engagement process for post-omnibus voluntary reporting framework
EFRAG has launched a call for expressions of interest from companies and stakeholders to inform the development of a new Voluntary Standard (VS) for sustainability reporting. The VS targets larger companies falling outside the revised scope of the CSRD, which, following the Omnibus I reforms, now excludes businesses with fewer than 1,000 employees and under €450 million in annual revenue, removing around 90% of companies from mandatory reporting requirements. Based on EFRAG’s existing VSME framework, the new standard aims to support voluntary reporting in practice. EFRAG welcomes input from eligible companies, investors, auditors, and other stakeholders via surveys, webinars, and interviews.
Read more here
The Platform on Sustainable Finance (PSF) urges commission to uphold the global baseline in the revised ESRS framework
The Platform on Sustainable Finance (PSF) has published its response to the European Commission’s consultation on the revised European Sustainability Reporting Standards (ESRS). While welcoming progress on usability and simplification, the PSF warned that certain changes risk falling below global reporting baselines, particularly the shift from mandatory to optional scenario analysis. The PSF also recommended closer integration between the ESRS and the EU Taxonomy to reduce duplication, and called for provisions allowing large companies outside the revised CSRD scope to continue voluntary ESRS reporting, with safeguards against greenwashing through selective or non-compliant disclosures.
Access the Platform’s consultation response here
FRC publishes guidance to help investors and advisors recognise the value of flexible governance reporting
The Financial Reporting Council (FRC) has published updated guidance on “comply or explain” reporting to help investors, proxy advisors and other users better understand departures from the UK Corporate Governance Code. Published as the first reporting season under the updated Code begins, the guidance aims to shift perceptions: a well-reasoned explanation for departing from a Code provision should be viewed as evidence of thoughtful governance, not failure. The FRC argues that considered departures demonstrate greater sophistication than simple box-ticking, and wants both companies and investors to embrace the Code’s flexibility with confidence.
Read the updated guidance here
Osapiens survey finds that 90% of CSRD-exempt companies plan to maintain sustainability reporting
A new survey by Osapiens of over 400 European and UK executives finds that 90% of companies removed from CSRD scope under the Omnibus reforms plan to maintain or expand their sustainability reporting. Companies cite benefits including improved risk visibility, stronger investor confidence, and better integration of sustainability and financial decision-making. Most already embed sustainability data into corporate reporting infrastructure and business planning. Despite this commitment, 84% anticipate that reduced regulatory scrutiny will eventually lead to fewer internal resources for sustainability reporting, though 90% expect investment in reporting solutions to increase over the next 12 months.
Access the survey here
ISSB seeks feedback on proposed amendments to three SASB Standards
The ISSB has published an Exposure Draft proposing amendments to three SASB Standards: Agricultural Products; Meat, Poultry and Dairy; and Electric Utilities and Power Generators. These are the final three of 12 standards the ISSB prioritised for enhancement. The proposed changes aim to align language with ISSB Standards, improve international applicability, support interoperability with other frameworks, and maintain consistency with IFRS S2 climate-related guidance. ISSB Vice-Chair Sue Lloyd noted that industry-specific disclosures are essential for investors and that the SASB Standards remain the only complete set of industry-based disclosure standards available globally. The ISSB is now seeking stakeholder feedback.
You can complete the survey here
FRC publishes landmark AI guidance for audit firms
The FRC has published guidance for audit firms on using generative and agentic AI tools in audit engagements, making it the first such guidance issued by any audit regulator globally. The guidance helps firms manage risks to audit quality whilst realising the efficiency and quality benefits these technologies offer. It codifies good practice rather than responding to identified deficiencies and provides a framework for obtaining confidence in AI tool outputs. Crucially, it confirms that regulatory accountability remains unchanged: human auditors and firms are always responsible for audit quality, regardless of the tools used.
Read the guidance here
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