Who developed the VS standard, and when was this ESG framework established?

What is EFRAG?

EFRAG (European Financial Reporting Advisory Group) is the independent EU advisory body for financial reporting standards. It advises the European Commission on the development of accounting and sustainability standards and has developed both the ESRS standards for the CSRD and the VS for SMEs.

When was the VS published?

The VS builds on the VSME standard, which EFRAG presented at the end of 2024 and which the European Commission had recommended as a voluntary standard for SMEs on 30 July 2025. With Delegated Regulation (EU) 2026/1560, the European Commission adopted the Voluntary Standard; the regulation was published in the Official Journal of the European Union on 21 September 2026. This creates a uniform EU-wide sustainability standard for companies with up to 1,000 employees that are not subject to mandatory reporting.

Why was the VS developed?

Large companies subject to the CSRD require ESG data from their supply chain partners. This data must comply with a uniform framework. The VS establishes this format for SMEs – designed to be significantly leaner than the ESRS for corporate groups, yet fully compatible to satisfy supply chain ESG reporting requirements.