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      July 2026 update: The European Commission has now adopted the revised ESRS and the Voluntary sustainability reporting standard (VS) for smaller companies based on the VSME. 

      The European Commission’s first Omnibus package of proposals aims to strike the right balance between stakeholder needs and the costs to preparers while maintaining the spirit of the EU Green Deal. Only the largest companies would report under the European Sustainability Reporting Standards (ESRS); a subset of those companies would continue to report under the EU Taxonomy. 

      This diagram provides an overview of three streams forming part of the EU Omnibus.

      Bookmark this page for the latest news on new developments as they happen.

      What’s new?

      What the recent ESA proposals mean for reporting
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      European Commission adopts the revised standards
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      European Commission proposes streamlined technical screening criteria
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      Reporting limited to largest companies
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      European Commission recommends smaller companies use the VSME standard
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      Reporting templates simplified; materiality concept introduced.
      Read more

      The KPMG view

      KPMG comments on EFRAG’s draft revised standards
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      What do they mean for your company?
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      More resources

      Impact of EU sustainability reporting on US companies

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      EU Omnibus in the US (podcast)

      Listen now

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