VSME (Voluntary Reporting Standard for SMEs) is a sustainability reporting standard. It has been developed by the European Financial Reporting Advisory Group (EFRAG) at the request of the European Commission
The standard is designed to clarify and harmonize sustainability reporting for SMEs.
VSME is compatible with the CSRD and ESRS, making it particularly suitable for companies whose customers or other stakeholders require sustainability data from members of their value chain.
The VSME standard consists of two modules: the Basic Module and the Comprehensive Module. The Basic Module sets a minimum goal for companies' sustainability reporting and is a good place to start if ESG reporting has not been done before. It focuses on numerical data and simple questions. The Comprehensive Module deepens the reporting with narrative, or descriptive, responses.
Both modules cover the three ESG areas:
E = Environment,
S = Social Responsibility,
G = Good Governance.
In addition, both modules include general questions about the company’s basic information, structure, and operations.
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