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 then adopted by the European Commission, and the compulsory audit of these reports in all EU Member States, first on a limited assurance basis and then on a reasonable assurance basis. The European principles for sustainability reporting are ultimately very ambitious and will affect a wider range of companies than the previous Non-Financial Reporting Directive. The implementation timetable for has therefore been pushed back (to the 2024 reporting period, at the earliest) and staggered in order to give companies sufficient time to prepare.