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BRSR CORE ASSURANCE & DISCLOSURE - MMJC
BRSR CORE ASSURANCE & DISCLOSURE
SEBI has come up with Circular No. SEBI/HO/CFD/CFD-SEC-2/P/CIR/2023/122 dated 12th July 2023 where it has revised format of BRSR and provided glidepath for implementation of BRSR Core Assurance for listed entities as well as Value Chain partners. Following table can be referred for easy understanding of the applicability.
Applicability of BRSR Core Assurance:
| Category | FY | BRSR | BRSR Core Assurance | Applicability |
| Listed Entity | 2023-24 | Top 1000 Listed Entities | Top 150 Listed Entities | Mandatory |
| Listed Entity | 2024-25 | Top 1000 Listed Entities | Top 250 Listed Entities | Mandatory |
| Listed Entity | 2025-26 | Top 1000 Listed Entities | Top 500 Listed Entities | Mandatory |
| Listed Entity | 2026-27 | Top 1000 Listed Entities | Top 1000 Listed Entities | Mandatory |
Applicability of Disclosure and Assurance for Value Chain:
| Category | FY | BRSR Core Disclosure in Annual Report of Listed Entity | BRSR Core Assurance | Applicability |
| Value Chain partners of Listed entity (Top upstream and downstream Value chain partners constituting 75% of its purchases/sales by value) | 2024-25 | Top 250 Listed Entities | NA | Comply or explain basis |
| Value Chain partners of Listed entity (Top upstream and downstream Value chain partners constituting 75% of its purchases/sales by value) | 2025-26 | Top 250 Listed Entities | Top 250 Listed Entities | Comply or explain basis |
BRSR Core Assurance Provider:
- BRSR Core Assurance is to be obtained from Independent Party
- Provider shall have necessary expertise
- Provide shall not have conflict of interest
- Shall not be selling product to entity or group entities
- Shall not be providing Non-Audit or Non-Assurance related services including consulting services
Changes in Revised Format of BRSR:
| Sr. No. | Headings | Key Changes/Additions |
| 1 | Section A: General Disclosures | Details w.r.t. Assurance Provider and Type of Assurance added |
| 2 | Section C: Principle 1 | Details w.r.t. Accounts payable and Openness of business added alongwith format |
| 3 | Section C: Principle 3 | Details of spending on measures towards wellbeing of employees & workers to be mentioned |
| 4 | Section C: Principle 5 | % comparison of Gross wages to females and POSH Complaints details are added |
| 5 | Section C: Principle 6 | Details w.r.t. following added Bifurcation of renewable and non renewable energy to be given separately. Details w.r.t. water intensity and water discharged are addedGreenHouse Gas Emissions (Scope1 & Scope2) related Waste Intensity related |
| 6 | Section C: Principle 8 | Details w.r.t. sourcing of input material has been widened from districts to IndiaDetails Job Creation in small towns related added |
| 7 | Section C: Principle 9 | Information relating to data breaches is added in essential indicators & removed from leadership indicator. |
Formats:
https://www.sebi.gov.in/sebi_data/commondocs/jul-2023/Annexure_I-Format-of-BRSR-Core_p.pdf
https://www.sebi.gov.in/sebi_data/commondocs/jul-2023/Annexure_II-Updated-BRSR_p.PDF
Note: Entities which have been mandated for BRSR reporting in earlier years by market capitalization will continue with applicable compliances
The article is written by Pradnesh Kamat – Partner of MMJC – pradneshkamat@mmjc.in.
The article is published in TaxGuru!
https://taxguru.in/sebi/sebi-circular-brsr-core-assurance-disclosure-format-revisions.html