How was the VSME standard developed?

EFRAG developed the standard following a public consultation process and field testing by SMEs[68].

Cluster: Regulation & Development • Updated:

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How was the VSME standard developed?

Short answer: EFRAG developed the standard following a public consultation process and field testing by SMEs[68].

According to the EU Commission, EFRAG followed a rigorous process: The VSME draft was publicly consulted and tested by SMEs during the consultation phase (January 22 to May 21, 2024). Banks and other stakeholders provided feedback. The final standard was submitted to the Commission in December 2024[68]. This approach is intended to ensure that the standard is practical and tailored to the needs of the target audience.

Sources: [68] Questions and answers: Recommendation on a voluntary sustainability reporting standard for small and medium-sized undertakings - Finance

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