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#ISRB 2024/04: EU reporting - Overview of scope and requirements In 2024, the EU Corporate Sustainability Reporting Directive (#CSRD) will come into force for many companies. The directive significantly expands the scope of existing requirements to include some non-EU groups and sets out standards for sustainability reporting in line with the European Directive. #BDO ISRB Report 2024/04 summarizes the scope and requirements of the CSRD, helping organizations understand and prepare for the new standards. Find out more in the report https://lnkd.in/geTD68NA Please contact BDO in Ukraine at info@bdo.ua if you have any questions or need further clarification. #SustainableDevelopment #CorporateReporting #BDOUkraine

On Ireland’s transposition of CSRD, an additional statutory instrument, the European Union (Corporate Sustainability Reporting) (No. 2) Regulations 2024, was published on Friday evening. It makes a small number of technical amendments to the European Union (Corporate Sustainability Reporting) Regulations 2024 [S.I. No. 336/2024] to clarify that: - The transitional period permitting ‘artificial consolidation’ of reporting obligations for EU subsidiaries with the same non-EU parent is available as soon as the subsidiary is required to report; and - Only large companies listed on an EU-regulated market are precluded from availing of consolidated sustainability reporting (as previously all large public-interest entities were excluded). A Governmental FAQ document will issue in the coming weeks addressing some further technical queries that have been received since the CSRD Regulations came into effect on 6 July 2024.  

The EU’s Corporate Sustainability Reporting Directive (CSRD) becomes effective for many entities in 2024. The CSRD significantly expands both the scope of existing requirements (including to some non-EU groups: although mandatory for EU-based organisations initially, CSRD is increasingly seen as the ‘gold standard’ for reporting and is being followed by many organisations) and the sustainability reporting requirements, which will be in accordance with European Sustainability Reporting Standards. BDO’s ISRB 2024/04 summarises the scope and requirements of the CSRD and has been updated to reflect clarifications provided in the CSRD FAQs released by European Commission on 7 August 2024. #CSRD #SustainabilityReporting #CorporateSustainability #ESGCompliance #SustainabilityStandards #FinancialReporting

🇩🇪 Germany Proposes Changes to Ease Sustainability Reporting Requirements in the EU 🇪🇺 In December 2024, the German government approached the European Commission with a proposal aimed at easing sustainability reporting requirements within the EU. This proposal has sparked a debate on balancing economic growth and environmental transparency.   What’s Proposed? 📌 Postponement of Reporting Deadlines Germany suggests delaying the implementation of the Corporate Sustainability Reporting Directive (CSRD) for large companies from 2025 to 2027 and for SMEs from 2026 to 2028. They also propose increasing the threshold for mandatory reporting for large companies. 📌 Abolition of Industry-Specific Standards The government proposes scrapping the idea of introducing industry-specific reporting standards, which could create additional burdens for businesses. 📌 Increased Flexibility for SMEs Small and medium-sized enterprises will have the option to opt out for up to two years, giving them more time to comply with the new standards. What’s the Impact? 🔍 Critics argue that Germany’s proposals could weaken the EU's collective efforts to enhance corporate transparency and delay progress on sustainability goals. These changes could also create legal uncertainty for companies already preparing for the new reporting requirements. How Will This Affect You? These changes, while easing the burden for businesses, may also threaten the EU’s long-term sustainability goals. It’s crucial to find a balance between supporting businesses and ensuring effective sustainability reporting. Want to stay updated on the latest EU sustainability reporting developments? 🔗 Explore the full details on our blog — https://lnkd.in/du4me_TJ #SustainabilityReporting #ESG #CorporateSustainability #GermanyProposals #EURegulations #CSRD #SustainabilityGoals 

The EU’s Corporate Sustainability Reporting Directive (CSRD) becomes effective for many entities in 2024. The CSRD significantly expands both the scope of existing requirements (including to some non-EU groups: although mandatory for EU-based organisations initially, CSRD is increasingly seen as the ‘gold standard’ for reporting and is being followed by many organisations) and the sustainability reporting requirements, which will be in accordance with European Sustainability Reporting Standards. BDO’s ISRB 2024/04 summarises the scope and requirements of the CSRD and has been updated to reflect clarifications provided in the CSRD FAQs released by European Commission on 7 August 2024. #CSRD #SustainabilityReporting #CorporateSustainability #ESGCompliance #SustainabilityStandards #FinancialReporting

The EU Commission calls on Germany on 26.09.2024 to fully transpose the Corporate Sustainability Reporting Directive (CSRD). The new sustainability reporting rules apply from financial years beginning on or after 1 January 2024. In the absence of transposition of these new rules it will not be possible to achieve the necessary level of harmonisation of sustainability reporting in the EU and investors will not be in a position to take into account the sustainability performance of companies when making investment decisions. The 17 Member States concerned (Belgium, Czechia, Germany, Estonia, Greece, Spain, Cyprus, Latvia, Luxembourg, Malta, the Netherlands, Austria, Poland, Portugal, Romania, Slovenia and Finland) have not yet communicated full transposition into national law of the provisions of the CSRD. The transposition deadline expired on 6 July 2024. The Commission is therefore sending letters of formal notice to the concerned Member States, which now have two months to respond and complete their transposition. In the absence of a satisfactory response, the Commission may decide to issue a reasoned opinion. European Commission

CSRD (At a glance) EU law requires all large and listed companies to disclose information on what they see as the risks and opportunities arising from social and environmental issues, and on the impact of their activities on people and the environment. This helps to evaluate Sustainability performance as part of the European green deal. On 5 January 2023, the Corporate Sustainability Reporting Directive (CSRD) entered into force. It modernises and strengthens the rules concerning the social and environmental information that companies have to report. A broader set of large companies, as well as listed SMEs, will now be required to report on sustainability. Some non-EU companies will also have to report if they generate over EUR 150 million. Companies subject to the CSRD will have to report according to European Sustainability Reporting Standards (ESRS). The standards are developed in a draft form by EFRAG, previously European Financial Reporting Advisory Group. The CSRD also requires assurance on the sustainability information that companies report and will provide for the digital taxonomy of sustainability information.

The EU’s Corporate Sustainability Reporting Directive (CSRD) becomes effective for many entities in 2024. The CSRD significantly expands both the scope of existing requirements (including to some non-EU groups: although mandatory for EU-based organisations initially, CSRD is increasingly seen as the ‘gold standard’ for reporting and is being followed by many organisations) and the sustainability reporting requirements, which will be in accordance with European Sustainability Reporting Standards. BDO’s ISRB 2024/04 summarises the scope and requirements of the CSRD and has been updated to reflect clarifications provided in the CSRD FAQs released by European Commission on 7 August 2024. https://lnkd.in/g8wxz-uj) #CSRD #SustainabilityReporting #CorporateSustainability #ESGCompliance #SustainabilityStandards #FinancialReporting

The European Council has amended the Corporate Sustainability Reporting Directive (CSRD) to postpone the time limits for the development and adoption of European Sustainability Reporting Standards (ESRSs) for certain sectors and ESRSs for non-EU entities by two years to 30 June 2026. This is intended to allow more time to develop these standards. However, this delay does not affect the reporting timelines for companies as set out in the CSRD, including the requirement for EU subsidiaries or EU branches of non-EU headed groups to publish group-wide sustainability reports for financial years beginning on or after 1 January 2028. It is important for businesses in the scope of these regulations to keep working on their roadmap to reach compliance. #sustainabilityreporting #CSRD https://lnkd.in/eWddja4h

The EU’s Corporate Sustainability Reporting Directive (CSRD) becomes effective for many entities in 2024. The CSRD significantly expands both the scope of existing requirements (including to some non-EU groups: although mandatory for EU-based organisations initially, CSRD is increasingly seen as the ‘gold standard’ for reporting and is being followed by many organisations) and the sustainability reporting requirements, which will be in accordance with European Sustainability Reporting Standards. BDO’s ISRB 2024/04 summarises the scope and requirements of the CSRD and has been updated to reflect clarifications provided in the CSRD FAQs released by European Commission on 7 August 2024. https://lnkd.in/gQuVZS4q) #CSRD #SustainabilityReporting #CorporateSustainability #ESGCompliance #SustainabilityStandards #FinancialReporting