Beyond the GAAP no. 196 – February 2025
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Beyond the GAAP no. 196 – February 2025
On 26 February, the European Commission presented its simplification proposals as part of the first “Omnibus” package, aiming to reduce the administrative burden on companies, particularly due to the CSRD and the EU Taxonomy Regulation. These proposals mark the beginning of a long legislative process that could significantly shift corporate sustainability reporting by introducing new thresholds, a new implementation timeline, and new standards.
In practice, the EC is proposing to delay by two years the requirement to publish sustainability information for current waves 2 and 3 companies through the “Stop the Clock” Directive, which could be transposed before 31 December 2025. The proposed “Content” Directive should require more time before a political agreement is reached since it aims to reduce the CSRD scope by about 80%, targeting only large companies with more than 1000 employees. A Delegated Act significantly streamlining the ESRS is also announced. Additionally, the EU Taxonomy Delegated Acts will be simplified, with the first round of proposals submitted for public consultation by 26 March.
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