It isn’t enough to do it well, you also have to show this
According to the experts of KPMG, the Corporate Sustainability Reporting Directive (CSRD) of the European Union will cause the biggest problems for up-and-coming Hungarian companies. First it will be financial institutions and stock exchange companies that must prepare a report in 2025 on their sustainability achievements of 2024. In 2026 those large companies will follow for which minimum two of the following three criteria apply: they employ minimum 250 people, have a sales revenue of EUR 40m or bigger, and a balance sheet total of minimum EUR 20m. From 2027 the reporting obligation extends to SMEs too, and KPMG believes this can create difficulties for up-and-coming, Hungarian-owned companies.
Complex report
Ágnes Deme, KPMG’s manager: “It isn’t enough to do well, companies must also report on this in a reliable and transparent manner. For this firms need data, measurements, calculating the indexes defined in the CSRD, and integrating the related activities and strategic goals into the company’s operations – this won’t be easy at all.” Julianna Nagy, KPMG’s senior manager added: the time available for preparing for this reporting obligation can be enough, but this work must already start now, and it would be best for firms to start writing complex voluntary reports from 2024, so that the different problems can come to light by 2025, when the reporting becomes mandatory. //
![](https://trademagazin.cdn.webgarden.io/wp-content/uploads/2023/03/KPMG_CSRD-konf_opt.jpeg)
Companies should start preparing this year, experts say
This article is available for reading in Trade magazin 2023/4.
Related news
Sustainability in consumer behaviour: Mintel’s global report 2024-25
Despite global economic challenges and fluctuating exchange rates, commitment to…
Read more >K&H: carbon dioxide emissions do not decrease by themselves
In the absence of a sustainability strategy and concrete carbon…
Read more >KPMG: Stricter rules are coming in the area of sustainability and human rights
The European Union directive on corporate due diligence related to…
Read more >Related news
Valeo Foods Completes Acquisition Of Appalaches Nature
Valeo Foods Group has completed the acquisition of Appalaches Nature,…
Read more >Carrefour grows in France and Brazil, lags behind in rest of Europe
Carrefour says it is rather pleased with its financial results…
Read more >Food and beverage innovation plunges nearly 50% since 2007: Mintel
The market research firm said about a quarter of items…
Read more >