From NFRD to CSRD ...

On 21 April 2021, the Commission adopted a proposal for a Corporate Sustainability Reporting Directive (CSRD), which would amend the existing reporting requirements of the NFRD (Non-Financial Reporting Directive, 2014)

Aims

The proposal

• extends the scope to all large companies and all companies listed on regulated markets (except listed micro-enterprises)
• requires the audit (assurance) of reported information
• introduces more detailed reporting requirements, and a requirement to report according to mandatory EU sustainability reporting standards
• requires companies to digitally ‘tag’ the reported information, so it is machine readable and feeds into the European single access point envisaged in the capital markets union action plan

The Commission’s proposal for a Corporate Sustainability Reporting Directive (CSRD) envisages the adoption of EU sustainability reporting standards. The draft standards would be developed by the European Financial Reporting Advisory Group (EFRAG).

The standards will be tailored to EU policies, while building on and contributing to international standardisation initiatives.

The first set of standards would be adopted by October 2022.

>> See the EFRAG reports on development of EU sustainability reporting standards

More - Useful links

• Frequently asked questions on the CSRD proposal
• Study on the Non-Financial Reporting Directive
• Report on the review clauses in Directives 2013/34/EU, 2014/95/EU, and 2013/50/EU
• Staff working document accompanying the report on the review clauses in Directives 2013/34/EU, 2014/95/EU, and 2013/50/EU
• EFRAG reports on development of EU sustainability reporting standards
• Commission guidelines on reporting climate-related information
• Targeted consultation on the guidelines on reporting climate-related information (closed on 20 March 2019)
• Commission guidelines on non-financial reporting
• Public consultation on the non-binding guidelines on the methodology for reporting non-financial information (closed on 15 April 2016)
• Frequently asked questions on Directive 2014/95/EU
• Directive 2014/95/EU: Impact assessment accompanying the original proposal from the Commission
• Public consultation on disclosure of non-financial information by companies (closed on 24 January 2011)
• IFAC Sees Continued Opportunity to Harmonize Corporate Sustainability Reporting

>>> FEB, RÉVISION DE LA DIRECTIVE NFRD : VERS UNE COMPTABILITÉ NON FINANCIÈRE, 28 avril 2021

>>> VBO, HERZIENING VAN DE NFRD-RICHTLIJN : NAAR EEN NIET-FINANCIELE BOEKHOUDING, 28 april 2021

>>> FFF, Duurzaam geldwezen en EU-taxonomie ...

Source : European Commission, 22 April 2021