EU Council and EU Parliament give green light to sustainability reporting directive

On 21 June 2022, the European Council and the European Parliament had reached a preliminary political agreement on the Corporate Sustainability Reporting Directive (CSRD) (we reported in Express Accounting News 26/2022). The CSRD will replace the existing EU directive on non-financial reporting (NFRD) and will, among other things, bring about a significant expansion of the companies affected, a concretisation and expansion of the report contents as well as the external audit obligation. Further details can be found in our article in the Accounting News July/August 2022.

After the European Parliament had also formally voted in favour of the adoption of the directive with a large majority on 10 November 2022, it was now also adopted by the European Council today. The legal act is thus deemed adopted.

After signature by the President of the European Parliament and the President of the Council, the Directive will be published in the Official Journal of the European Union in the official EU languages and will enter into force 20 days later. The new rules must be transposed into national law by the Member States within 18 months.

Read the press releases of the European Parliament of 10 November 2022 and of the European Council of 28 November 2022 here: 

• Europäisches Parlament vom 10. November 2022 
• Europäischer Rat vom 28. November 2022.