News

The newly released Corporate Sustainability Reporting Directive (CSRD) will be instrumental to achieve the European Green Deal. The European Union (EU) will need appropriate sustainability reporting standards to comply with the CSRD and to ultimately achieve these public policy objectives. We have long supported the sustainability reporting agenda and will continue contributing our expertise to successfully implementing the CSRD. Read more in our CSRD statement.

We welcome the European Financial Reporting Advisory Group (EFRAG) Lab Project Task Force’s proposals for a relevant and dynamic EU sustainability reporting standard setting to the European Commission (EC) from February 2021. European sustainability reporting standards need to be developed quickly to meet the ambitious EC timeline whilst being of high quality and fit for purpose to different sizes of companies.

We look forward to collaborating with the future European sustainability reporting standard setter within EFRAG. The accountancy profession’s contribution is indispensable to help ensure the development of robust and verifiable sustainability reporting standards, which enable reliable reporting, improve market transparency, and minimise greenwashing.

Since 2017, Accountancy Europe has been advocating for the collaboration, coordination and ultimately, the consolidation of different sustainability reporting initiatives. Clear cooperation mechanisms between the future EU, and any international, sustainability standard setters would:

  • improve resource efficiencies
  • produce timely and robust standards, within the scope of the respective initiatives
  • avoid inconsistencies and duplications in reporting standards

Global reporting standards would best meet investors’ and capital markets’ needs whilst minimising the reporting burden and costs for companies. It is paramount to build on international initiatives and contribute to international convergence – the EU is well-placed to catalyse this.

To this end, we applaud EFRAG’s and the EC’s collaborative approach with leading international sustainability standard setters.

Related content

EventESEF in Practice – 2

15 November 2021

EventAccountancy Europe and WBA joint expert meeting on sustainability reporting standards

21 October 2021

EventEarly Warning Europe Day

28 September 2021

NewsReporting Beyond the Financials: Sustainability on the Books

24 September 2021

Consultation responseEC’s proposal of an EU standard for green bonds

22 September 2021

UpdateSustainability

14 September 2021

Consultation responseEFRAG’s consultation paper – due process procedures for EU sustainability reporting standard-setting

14 September 2021

PublicationSustainable tax system: taxes and the environment

31 August 2021

Consultation responseIFRS Foundation’s Exposure Draft: Proposed targeted amendments to the IFRS Foundation constitution to accommodate an...

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

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

8 July 2021

NewsNew Roadmap enhances EU Sustainable Finance Strategy

7 July 2021

EventESEF in Practice

7 July 2021

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

6 July 2021

Consultation responseEC’s Corporate Sustainability Reporting Directive proposal – feedback statement

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

Sign up for our newsletter

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