Updated Voluntary Sustainability Reporting Standard for non-listed SMEs
Published 15 January 2025
European Financial Reporting Advisory Group (EFRAG) has published an updated version of the Voluntary Sustainability Reporting Standard for non-listed SMEs (the “VSME”).
The VSME has been created by EFRAG for non-listed SMEs as they are not directly covered by the Corporate Sustainability Reporting Directive (“CSRD”).
What is new?
The updated version is a result of the consultation period in 2024 (see our previous updates from March and October 2024). VSME now consists of two modules used for preparing a sustainability report instead of three – a Basic Module and a Comprehensive Module. Further, the requirement on a double materiality assessment has been removed from the VSME.
The Basic Module contains basic information points and is a prerequisite for applying the Comprehensive Module. The Comprehensive Module sets additional datapoints which are likely to be requested from business partners along with the information included in the Basic Module.
Next steps
The updated version of the VSME is pending the final approval from the EU Commission which is expected in the beginning of 2025.
The VSME from EFRAG can be accessed here.
