Beyond the GAAP no. 167- June 2022

All the initial key features of the CSRD proposal are confirmed, in particular the requirement to publish a sustainability report in accordance with European Sustainability Reporting Standards prepared by EFRAG and subsequently endorsed by the European Commission, and the mandatory audit of such reports in all EU Member States, initially on a limited assurance basis and subsequently on a reasonable assurance basis. The European rules for sustainability reporting are ultimately very ambitious and will affect a wider range of companies than the earlier Non-Financial Reporting Directive. The timetable for implementation has therefore been pushed back (to the 2024 reporting period, at the earliest) and phased over time to give entities enough time to prepare.

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