Publication

23 April 2018

Member State implementation of EU NFI Directive A CSR Europe and GRI publication made in collaboration with Accountancy Europe (April '18 update)

In 2014 the European Commission published the EU Directive on Non-financial and Diversity information, with a deadline for Member States to transpose it into national law until December 2016. Following the transposition period there now exists a range of reporting requirements across the 28 Member States.

CSR Europe and GRI, in collaboration with Accountancy Europe, decided to collect information on Member State implementation to enable dialogue on the topic across Europe. The result is a comprehensive overview of how Member States are implementing the Directive. Initially launched at a joint event in Brussels on 22 November 2017, the overview is regularly updated and available below.

Summary of findings 

The NFI Directive represents a minimum standard for non-financial reporting across the EU and, as such, allows considerable flexibility for Member States to adapt the provisions to suit their local regulatory environments. For example, Member States have full flexibility to increase the scope of the provisions so as to bring more companies under their umbrella but relatively few have chosen to do so. Instead, they rely on their existing definitions of public interest entities established under the transposition of the 2013 Accounting Directive. Nonetheless, Greece and Denmark are notable exceptions.

Practically all Member States have chosen to follow the high level of flexibility contained in the Directive that effectively allows the companies affected to choose their own reporting framework from the existing range of frameworks available.

Member states have also remained flexible regarding where the non-financial information report should be published. Approximately one third of countries have stuck with the Directive’s default position that the report should be contained in the Management report – a position that Accountancy Europe has supported.

Regarding assurance, the majority of Member States have chosen the minimum standard contained in the Directive: the auditor shall check that the required statement is present. Upon the publication of the updated report (April 2018), we have identified only two Member States that have chosen to require a higher level of assurance – France and Italy.

Related content

PublicationAccountancy profession’s contributions to the EU sustainable finance strategy

5 March 2018

EventEU NFI Directive: A comprehensive guide to the national laws

22 November 2017

EventEarly Warning Europe Day

28 September 2021

Consultation responseIFRS Foundation’s Consultation on Exposure Draft on proposed targeted amendments to the IFRS Foundation constitution...

22 July 2021

NewsCall for Dialogue: Assessment of SMEs’ post-COVID financial health

19 July 2021

NewsA 360 view on Sustainable Corporate Governance

14 July 2021

Consultation responseIASB’s third agenda consultation, EFRAG’s draft comment letter and own proactive research agenda consultation

13 July 2021

Consultation responseUK government BEIS department’s consultation on restoring trust in audit and corporate governance

8 July 2021

PublicationA constructive two-way cooperation to sustainability reporting standard-setting

8 July 2021

NewsNew Roadmap enhances EU Sustainable Finance Strategy

7 July 2021

BlogEU green bond standard: Europe’s next move to help finance sustainable projects

6 July 2021

Consultation responseFeedback on the Corporate Sustainability Reporting Directive proposal

1 July 2021

EventSustainable financing 101 – State of play and next steps

24 June 2021

UpdateSustainability

22 June 2021

EventSustainable Corporate Governance – A fireside chat with MEP Heidi Hautala

21 June 2021

PodcastDo accountants hold the key to changing our flawed economy?

18 June 2021

BlogSustainability risk management for SMEs: inaction is not an option

14 June 2021

NewsJoint statement on sustainable corporate governance

8 June 2021

Consultation responseFeedback statement: EU Taxonomy Article 8 Delegated act

3 June 2021

EventForce for Change: Mobilising the public sector for a sustainable economy

3 June 2021

UpdateSustainability

25 May 2021

PodcastThe shift to sustainability: A CFO’s journey

20 May 2021

Sign up for our newsletter

* indicates required
Would you like to subscribe to our newsletter?
On which topics would you like to receive news?