The Beginning

A Nordic collaboration with the small ones in mind

Nordic Sustainability Reporting Standard (NSRS) was initiated by former CEO in Regnskap Norge, Christine Lundberg Larsen. It was clear that sustainability was not a buzz word and that SME's in the Nordics soon would have to face the implications of an European green shift. So, in 2020 Lundberg Larsen gathered the Nordic Accountant Federation (NAF), consisting of the three sister organisations in accounting in Sweden to Finland and Norway. Together they started the NSRS project funded by Nordic Innovation.
View Background
The NSRS Ecosytem

3 organisations

NSRS is developed and managed by the Nordic Accounting Federation consisiting of Srf konsulterna, Taloushallintoliitto og Regnskap Norge.

3 milestones

The project is divided into three milestone: Develop a design-manual, designing the standard and implement and follow-up.

3 levels

The NSRS reporting journey is divided into three maturity stages. The NSRS Reporting Requirements are designed to increase for each stage
NSRS Roadmap


The standard has been developed in a multi-stakeholder process in the period 15th of April 2020 – 15th of October 2021.

The NSRS Level 1 was launched for the market in October 2021.
Go to NSRS framework


The methodologies utilized in this project is Design Thinking and Participatory Methods.

Design thinking is a powerful process of problem solving that starts with understanding previously unmet customer needs. That insight kick-starts a process of innovation, encompassing concept development, applied creativity, prototyping, and experimentation. Design thinking has five main stages; 1) emphasize, 2) define, 3) ideate, 4) prototype and 5) test.

Participatory Methods has proven successful in generating specific information on a particular theme, typically for a new program or policy where several stakeholders are involved. It might involve focus groups, multi-stakeholder meetings, participatory inquiry, action research, oral testimonies or story collection, which collectively serve as foundation for analysis.

The goal with NSRS

The main objective of the NSRS is to develop a simplified sustainability reporting standard for Nordic SMEs. The project is carried out by exploring the cross-section between existing standards, user needs and the reality of the greater context, hereunder regulatory risks and industryspecific challenges.
“We want to accelerate the transition to a circular and green economy through transparency and accountability by empowering SME’s to unlock their own impact potential.”
Hans Christian Ellefsen
Chair of the NSRS board

Three Milestones

The project was divided into three milestones, each with its respective aim.
Develop a design-manual

Through research  and system mapping the project aimed to find leverage points in which can serve as a solid foundation.

Designing the standard

The standard was developed through multiple workshops in an iterative process including prototyping and testing.

Implement and follow-up (ongoing)

We assess, adapt and improve the standard as we gain insights from being on the market.

Our theory of change: If you can’t measure it, you can’t manage it.

The NSRS Project Group

Focus Areas

The focus areas for the NSRS can be divided in the following topics: