Listed SMEs will be obliged to report as from 2026, with a further possibility of voluntary opt-out until 2028. However, they will be able to report according to separate, proportionate standards that EFRAG will develop next year. EFRAG also announced last week that its focus in the next few months will be on drafting a second set ESRS that will draft sector specific standards: We hope you find this information helpful in giving you some insight into EFRAG's progress on the ESRS. If you would like to discuss any of the points raised, please speak to your usual Grant Thornton contact or your local member firm.