The European Financial Reporting Advisory Group has published an assessment report on a voluntary information template for SMEs and startups at the European Single Access Point, concluding that market interest is too limited for the template to become a meaningful or impactful tool. The assessment draws on outreach to more than 100 stakeholders and feedback on EFRAG’s draft report issued for public consultation on 2 April 2026. Interest in using the template came mainly from smaller investors, including smaller venture capital firms, and IPO advisers screening across borders for potential startup and scale-up opportunities. By contrast, banks, insurers, pension funds, business angels, incubators, accelerators, university technology transfer offices, larger later-stage venture capital firms, larger private equity funds, and larger IPO and M&A advisers were generally not interested in the information that the template would provide. SMEs and startups indicated they would use the template only if it improved their access to finance and the benefits outweighed the cost and effort, but EFRAG concluded that the limited interest from financing providers means most SMEs would have little to gain from using it. EFRAG also noted that this initiative is separate from its VSME Digital Template for sustainability reporting.
European Financial Reporting Advisory Group2026-06-30
European Financial Reporting Advisory Group finds insufficient stakeholder interest for voluntary ESAP template for SMEs and startups
The European Financial Reporting Advisory Group has concluded that stakeholder demand is too weak for a voluntary ESAP information template for SMEs and startups to be meaningful. Interest was concentrated among smaller investors and some cross-border IPO advisers, while most larger financing providers and advisers showed little interest. As a result, EFRAG found that most SMEs would have limited benefit from using the template.