The CSRD directive has turned sustainability reporting from a voluntary practice into a legal obligation. The deadlines are known, but they differ from company to company - the key question is which wave you fall into and how much time you have left to prepare.
Who reports and when: the CSRD waves
CSRD introduces the reporting obligation gradually, in waves. The first wave covers large public-interest entities with more than 500 employees that already reported under the NFRD directive - they submitted their first reports under the new rules for financial year 2024. Other large companies follow, then listed small and medium-sized enterprises. The Omnibus package shifted the deadlines for the second and third waves, so determining the exact date of your first obligation requires closely following the adopted legislation and its transposition into Slovenian law.
What the ESRS standards specifically require
The content of the report is defined by the European Sustainability Reporting Standards (ESRS). They require disclosures on environmental, social and governance topics - from greenhouse gas emissions, expressed as CO₂e (GWP100), to policies, targets and action plans. Which topics are mandatory for your company is determined by the double materiality assessment: an evaluation of which sustainability topics materially affect your business and where your business materially affects the environment and society.
Not subject to it? Prepare for VSME
Even if your company is not directly subject to CSRD, the requirements reach you indirectly - through banks, customers and investors who need ESG data for their own reports. For small and medium-sized enterprises, EFRAG has prepared the proportionate VSME standard, which enables a verifiable statement without corporate complexity. Read more in our solution for SMEs (VSME).
Where to start: the carbon footprint as the first step
The most common practical advice is simple: start with the data you will certainly need. Calculating the company carbon footprint (CCF) across Scope 1, 2 and 3 is a requirement of both ESRS and VSME, and at the same time the most frequent question from banks and customers. Because collecting data on energy use, fuels and the supply chain takes the most time, it makes sense to start immediately - regardless of when your formal obligation begins.
A plan for the next 12 months
Sensible preparation follows a sequence: first the double materiality assessment, which defines the reporting scope, then the carbon footprint calculation and data collection across departments, and finally preparing the report in formats the auditor accepts. Companies that run the process systematically on a platform, rather than in scattered Excel files, report up to 70% less manual work. What such a process looks like for large companies is described in our solution for ESRS reporting.
Key takeaway
The deadlines differ by wave, but the direction is clear and irreversible. The most expensive strategy is waiting for complete regulatory clarity - collecting data and setting up the process take months, not weeks. Start with what will be mandatory in every scenario: the data.