Beyond the GAAP - January 2025 Issue
As companies subject to the reporting requirements of the Corporate Sustainability Reporting Directive (CSRD) in 2025 prepare to publish their first sustainability statements in accordance with ESRS, the European Commission has published the “Competitiveness Compass” for the EU, its roadmap for the next five years. The Compass aims among other things to reduce the regulatory and administrative burden for companies. This “unprecedented simplification effort” should affect the CSRD, the Taxonomy Regulation and the Corporate Sustainability Due Diligence Directive (CSDDD). The related “Omnibus proposal” should be known on 26 February.
IFRS Highlights
- IASB starts discussions on Statement of Cash Flows project
- Classification of Cash Flows related to Variation Margin Calls on “Collateralised-to-market” Contracts (IAS 7)
- IFRS Foundation (re-)appoints Trustees
- IFRS Foundation publishes guide to “climate-first” approach
European Highlights
- EC publishes a “Competitiveness Compass” for the EU including simplification of sustainability reporting requirements
- Transition plans: EU Platform on Sustainable Finance publishes recommendations
