BDO: The regulation on mandatory corporate sustainability reporting is already on the finish line

By: Trademagazin Date: 2023. 06. 16. 13:57

🎧 Hallgasd a cikket: Nyelv: Sebesség: 1.05×

In April 2021, the European Commission adopted a legislative proposal for the Corporate Sustainability Reporting Directive (CSRD). This proposal requires covered companies to report in accordance with the European Sustainability Reporting Standards (ESRS) adopted by the European Commission in the form of delegated acts, based on dual materiality criteria. EFRAG (European Financial Reporting Advisory Group) was appointed as technical advisor to the European Commission in the development of the ESRS drafts.

EFRAG submitted the first ‘group’ of draft ESRS to the European Commission on 22 November 2022. The package submitted by EFRAG contains 12 draft ESRS (Set 1), the Commission reviewed the package and consulted with stakeholders, which resulted in a number of amendments to EFRAG’s original advice, including significant transitional relief. On June 9, 2023, the European Commission will issue a draft delegated act on the 1st set of European Financial Reporting Standards (ESRS).