Sustainability now: Proposed changes to EU reporting standards

PwC's accounting podcast

A video of this podcast is available on YouTube, Spotify, or PwC’s website at viewpoint.pwc.com

In this episode, we continue our series on the European Commission’s Omnibus package with a September update that focuses on the proposed amendments to the European Sustainability Reporting Standards (ESRS). We explore how the changes aim to simplify reporting, reduce disclosure burdens, and enhance interoperability, and we highlight key implications for companies preparing sustainability statements.

In this episode, we discuss:

• 1:22 – The European Commission’s Omnibus package and mandate for ESRS changes
• 5:50 – Overview of changes made to the ESRS
• 9:10 – Updates to ESRS 1 and 2: reducing duplication, increasing flexibility
• 20:10 – Clarifying reporting boundaries, including leases and GHG emissions
• 34:40 – Interoperability with ISSB standards and where ESRS diverge
• 37:42 – Next steps in the amendment process and what companies should do now

Get caught up on the EU Omnibus package:

• A deep dive into draft Amended ESRS
• Sustainability now: EU Omnibus in motion – August 2025 update
• New reliefs for ESRS ‘wave 1’ reporters
• EFRAG’s next step toward revised ESRS
• European Commission adopts a recommendation on the VSME standard
• European Commission adopts revisions related to Taxonomy Regulation

Looking for more on sustainability reporting?

• Read PwC’s Sustainability reporting guide
• Check out other episodes in our sustainability reporting podcast series

About our guest

Diana Stoltzfus is a partner in the National Office who helps to shape PwC’s perspectives on regulatory matters, responses to rulemakings and policy development, and implementation related to significant new rules and regulations. Prior to rejoining PwC, Diana was the Deputy Chief Accountant in the Office of the Chief Accountant (OCA) at the SEC where she led the activities of the OCA’s Professional Practices Group.

About our host

Heather Horn is the PwC National Office Sustainability and Thought Leader, responsible for developing our communications strategy and conveying firm positions on accounting, financial reporting, and sustainability matters. In addition, she is part of PwC’s global sustainability leadership team, developing interpretive guidance and consulting with companies as they transition from voluntary to mandatory sustainability reporting.

Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to [email protected]

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1. Sustainability now: Proposed changes to EU reporting standards (00:00:00)

2. The European Commission’s Omnibus package and mandate for ESRS changes (00:01:22)

3. Overview of changes made to the ESRS (00:05:50)

4. Updates to ESRS 1 and 2: reducing duplication, increasing flexibility (00:09:10)

5. Clarifying reporting boundaries, including leases and GHG emissions (00:20:10)

6. Interoperability with ISSB standards and where ESRS diverge (00:34:40)

7. Next steps in the amendment process and what companies should do now (00:37:42)