SARAS translated and published the initial draft of the European Sustainability Reporting Standards (ESRS)

The European Sustainability Reporting Standards (ESRS) were developed by the European Financial Reporting Advisory Group (EFRAG) and became effective in EU member states on 31 July 2023. The aim of these standards is to increase transparency and accountability in the undertakings’ sustainable development processes.

The Georgian version comprises 12 standards, of which 2 are cross-cutting standards (ESRS 1 and ESRS 2) covering the overarching principles for preparing reports, while the remaining 10 topical standards address environmental, social and governance (ESG) issues.

The cross-cutting standards apply to all undertakings, regardless of the sector in which they operate. These standards cover the core and general reporting principles that undertakings need to consider. These include materiality assessment of undertaking’s impacts, risks and opportunities and collecting and presenting related sustainability information as well as the basis for reporting undertakings’ policies, measures and objectives. The topical standards focus on sustainability matters specifically within the environmental, social and governance (ESG) areas and provide detailed guidance on how undertakings need to prepare sustainability statements in relation to each topic.

In order to ensure high quality translation, accuracy, terminological consistency and practical implementation of the ESRS, SARAS has established an expert group with members from both the public and private sectors.

The standards translated by SARAS have been reviewed by specialists in the field and feedback has been incorporated where necessary.

SARAS is currently in the process of drafting and initiating a legislative proposal for the implementation of these standards. In the event of discrepancies between the legislation and the translated versions, the provisions of the legislation will take precedence and the standards will be amended accordingly. 

The Georgian version of the Standards continues to be refined and terminology clarified. Therefore, we kindly ask you to send your suggestions and/or recommendations electronically. You can use the functionality to send an email to SARAS using the following link: https://saras.gov.ge/ms/

It is worth noting that the process of implementing these standards supports the alignment with international standards in the area of sustainable development in Georgia and strengthens transparency in the business sector.