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In today\u2019s sustainable development landscape, non-financial reporting<\/a> is becoming increasingly important for business. It enables companies to report on the environmental, social and governance (ESG) aspects of their operations, and it increases trust among investors, partners and customers. In Ukraine, the transition to transparent, structured and standardised reporting is particularly urgent. The logical question that arises is which reporting standards are better to work with: the international GRI (Global Reporting Initiative) standards or the new ESRS (European Sustainability Reporting Standards<\/a>)? Let\u2019s try to figure it out.<\/p>\n GRI is one of the world\u2019s best-known standards for non-financial reporting. It is based on the principles of transparency, completeness, clarity, and consistency. Over 10,000 organisations worldwide use GRI to disclose information on sustainable development. In Ukraine, GRI is the preferred choice for companies looking to demonstrate social responsibility and compliance with environmental standards.<\/p>\n The advantages of GRI include its extensive international experience, the large number of guidelines it provides, and the possibility of taking a comprehensive approach to various aspects of sustainability, from environmental impact to employee rights and business ethics. However, GRI is a voluntary initiative, not a mandatory standard, and it requires significant resources to implement, particularly for small and medium-sized enterprises.<\/p>\n In recent years, the European Union has placed greater emphasis on sustainability reporting. As part of the reforms set out in the CSRD Directive (Corporate Sustainability Reporting Directive<\/a>), new standards have been introduced in the form of the European Sustainability Reporting Standards (ESRS). The ESRS are specifically designed to unify and enhance non-financial reporting across Europe.<\/p>\n For Ukraine, which is committed to European integration and aligning its legislation with EU standards, the ESRS are not an alternative, but an inevitable future. The recently created Strategy for the Implementation of Sustainability Reporting by Enterprises<\/a>, in particular, establishes the mandatory nature of these standards for large, publicly traded companies, obliging them to report in accordance with the CSRD and ESRS rules.<\/p>\n For many companies, particularly large, publicly traded ones and those operating in high-risk industries, transitioning to the ESRS will soon become a necessity. According to the Strategy, companies must implement the sustainable development management<\/a> systems and submit reports that align with international standards and the European Union\u2019s requirements.<\/p>\n The following are the key points of the strategy that define the role of ESRS for Ukrainian business:<\/strong><\/p>\n For Ukrainian companies, this represents both a challenge and an opportunity. Meeting the requirements of the ESRS will help to comply with future legislation, as well as creating opportunities to attract investment, improve reputation and develop long-term competitiveness.<\/p>\n The ESRS is not merely a concept for the future; it is a tangible reality for Ukrainian companies seeking to develop in accordance with global sustainability trends.<\/em><\/p>\n GRI remains a relevant and useful tool, especially for those companies that are just starting to report and want to build a systematic approach to ESG. It allows you to get acquainted with the basic concepts, build the first indicators and prepare for the transition to more sophisticated standards.<\/p>\n However, it should be noted that GRI is not a regulated standard in Ukraine, and its application is a voluntary choice. Companies planning large-scale cooperation with European partners will eventually have to switch to ESRS.<\/p>\n For Ukrainian companies, the question of whether to use the ESRS or the GRI is a matter of time, resources, and strategic guidelines. GRI is a well-established standard and a good starting point for developing an ESG culture. However, the ESRS will set the tone for reporting in Ukraine in the coming years, particularly for large companies.<\/p>\n Although preparing for the new standard requires time and planning, it creates opportunities for better integration into international markets and increased investor confidence, while also contributing to the sustainable development of the business as a whole.<\/p>\n BDO in Ukraine<\/a> offers comprehensive annual sustainability support to help your business successfully adapt to the new ESG standards, increase transparency and investor confidence. If you have any questions, please don\u2019t hesitate to contact us<\/a> \u2014 we are happy to answer your questions. Be responsible for ESG with BDO in Ukraine!<\/p>\n <\/p>","protected":false},"excerpt":{"rendered":" In today\u2019s sustainable development landscape, non-financial reporting is becoming increasingly important for business. It enables companies to report on the environmental, social and governance (ESG) aspects of their operations, and it increases trust among investors, partners and customers. In Ukraine, the transition to transparent, structured and standardised reporting is particularly urgent. The logical question that […]<\/p>\n","protected":false},"author":4489,"featured_media":646510,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false},"categories":[24,23],"tags":[],"yoast_head":"\nGRI \u2014 a classic of global sustainability<\/strong><\/h4>\n
ESRS \u2014 a new challenge from the European Union<\/strong><\/h4>\n
Why ESRS is relevant for Ukrainian companies today<\/strong><\/h4>\n
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Does it make sense to continue working with GRI?<\/strong><\/h4>\n
Practical advice for Ukrainian enterprises<\/strong><\/h4>\n
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Conclusion<\/strong><\/h4>\n