In June 2021, the European Financial Reporting Advisory Group (EFRAG) launched a consultation that lasted until mid-September. Their aim was to discuss future requirements for EFRAG as technical advisor to the European Commission in the preparation and adoption of European sustainability reporting standards, similar to how the organization is currently providing technical advice on adopting new IFRS standards in the EU. Preparation for the implementation of the Corporate Sustainability Reporting Directive (CSRD) may require the use of common European sustainability standards.