The Nordic Sustainability Reporting Standard (NSRS) is currently being updated to align with the latest version of the Voluntary Sustainability Reporting Standard for non-listed SMEs (VSME ESRS) developed by EFRAG. The updated version is expected to be available by March 2025.
Why Update the NSRS?
The NSRS, developed by the Nordic Accountant Federation (NAF), has played a significant role in supporting SMEs with sustainability reporting. As sustainability requirements evolve, it is essential to provide tools that are both compliant and user-friendly. The alignment with VSME ensures that NSRS remains a valuable resource for businesses navigating complex sustainability expectations.
The importance of this update
We know that reporting requirements can feel overwhelming for small businesses. Our goal is to provide a simple and accessible tool that helps them navigate sustainability reporting without unnecessary complexity. Additionally, we ensure that our tools and guidance are available in the Nordic languages, making it easier for businesses to adopt and implement sustainability reporting practices.
Key Changes in the Update
- Integration with VSME: The updated NSRS will reflect the latest improvements and simplifications from the VSME.
- Streamlined tool: The NSRS will continue to offer a simple, free Excel-based reporting tool and comprehensive guidance materials.
- Nordic adaptation: The updated version will still address specific Nordic requirements, such as local regulations and examples, including information on work-life balance and parental leave.
Benefits of Sustainability Reporting with NSRS
Sustainability reporting offers several benefits beyond legal compliance:
- Better management of environmental and social challenges
- Enhanced competitiveness and business resilience
- Easier access to financing and improved loan terms
- Reduced reporting burden through standardized data requests
Accessing the NSRS Tool
To access the NSRS tool and guidance materials, users can download the tool for free. We encourage everyone to register for our newsletter to receive the latest updates and information.
Get Started Now
Until the updated version is available, users are encouraged to continue reporting with the current NSRS version. This allows businesses to familiarize themselves with key reporting points and prepare for future sustainability requirements.
Stay tuned for further updates as we move closer to the launch of the new version.