A Shift from BRR to BRSR – Enhanced Reporting by Top Listed Companies
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- By Taxmann
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- Last Updated on 22 September, 2022
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Business Responsibility Report (BRR) framework was an initial step to integrate ESG with the Indian regulatory regime. But now, since the stakeholders have given more prominence to non-financial disclosures for the evaluation of a company’s sustainable business model, SEBI has come out with the amendment to regulation 34 (2) (f) of LODR regulations and introduced a new reporting format i.e. Business Responsibility and Sustainability Report (BRSR).
The requirement of submitting a BRR shall be discontinued after the financial year 2021–22 and thereafter, with effect from the financial year 2022–23 reporting shall be made in BRSR, being applicable for the top one thousand listed entities based on market capitalization. However, the SEBI has encouraged to voluntarily submit a BRSR in place of the mandatory BRR even during the financial year 2021–22.
BRSR is a more comprehensive framework for disclosing non-financial information as compared to the BRR that was provided till FY 2021-22. It has three sections as given below:
Section A: General Disclosures
Section B: Management and Process
Section C: Principle-wise performance
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Any idea about how many Indian companies have reported BRSR voluntarily for FY 2021-22 ?