Sustainability Section - Doing Business
You will find here a series of summaries providing an overview of useful sustainability regulations, processes and sustainability issues for Doing Business in Thailand.
ESMA issues public statement on ESRS
On 5 July 2024, ESMA (the European Securities and Markets Authority) issued a public statement on ESRS (European Sustainability Reporting Standards) aimed at preparers (i.e. large issuers, who are part of either the first group to fall in the implementation scope of the CSRD, reporting in 2025 on the 2024 financial period, or the second group, reporting in 2026 on the 2025 financial period) as well as their auditors. The statement highlights topics that are deemed to be particularly relevant for first-time application of ESRS.
European Commission publishes FAQ on CSRD
On 7 August 2024, the European Commission published an FAQ to support companies with implementation of the Corporate Sustainability Reporting Directive (CSRD). Readers will remember that large undertakings that are public-interest entities and that have more than 500 employees must apply the CSRD from 1 January 2024.
EU Directive on corporate sustainability due diligence published in OJEU
On 5 July 2024, the Corporate Sustainability Due Diligence Directive (CSDDD) was published in the Official Journal of the European Union (OJEU), following the European Parliament’s vote to adopt the legislation last April and its ratification by the EU Council in May.
ISSB Webcast: overview of ESRS-ISSB standards interoperability
This IFRS Foundation webcast sets out an overview of the interoperability guidance issued in May 2024
ISSB maintenance of the SASB standards
At its July 2024 meeting, the ISSB (International Sustainability Standards Board) discussed its approach to enhancing the SASB (Sustainability Accounting Standards Board) standards, concluding that:
ISSB implementation insights
The second episode of the ISSB’s Implementation Insights podcast summarises the key highlights of the June Transition Implementation Group (TIG) meeting, including questions related to the requirements to revise estimates when new information becomes available and comparative information when a company acquires or disposes of a subsidiary.
EFRAG publishes a study on initial ESRS implementation practices
On 25 July 2024, EFRAG issued a study entitled State of play as of Q2 2024 – Implementation of ESRS: Initial Observed Practices from Selected Companies, to identify the preliminary practices and issues observed in the implementation of ESRS in relation to the initial transition work.
EFRAG delivers proposed XBRL Taxonomy for ESRS and Article 8
On 30 August 2024, EFRAG published its propositions of XBRL Taxonomy, which will be used for tagging sustainability information published in accordance with ESRS Set 1 and with Article 8 of Regulation (EU) 2020/852 on the European Taxonomy. The documents are accompanied by explanatory notes and illustrative examples of how to implement the each taxonomy.
Updates on jurisdictional adoption of sustainability reporting
The latest developments in adoption of the IFRS SDS around the world include:
ISSB May 2024 update
The ISSB Update for May 2024 provides summary of the recent ISSB meeting. No major decisions were made during the meeting, though the ISSB did decide to continue to use the existing SASB industry classification for its next two year work plan, and to consider enhancing the industry groupings when the SASB standards themselves are updated.