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On November 13, 2024, the European Commission finalized the FAQ document (Commission On No-vember 13, 2024, the European Commission finalized the FAQ document (Commission Notice) published as a draft in August 2024 on the interpretation of certain legal provisions of the Corporate Sustainability Reporting Directive (2022/2464/EU, CSRD), which changes the Accounting Directive (2013/34/EU), the Transparency Directive (2004/109/EC), the Audit Directive (2006/43/EC), the Audit Regulation ((EU) 537/2014), and of the ESRS ((EU) 2023/2772, European Sustainability Reporting Standards) and the Sustainable Finance Disclosure Regulation ((EU) 2019/2088). The Commission Notice (hereinafter "FAQs") is published in the Official Journal of the EU (C/2024/6792).

Through this set of FAQs, the commission intends to facilitate the implementation of the legal provisions by the undertakings and the compliance of stakeholders with the regulatory requirements, and to ensure the usability and comparability of sustainability information. The FAQs also aim to provide greater clarity and certainty to reporting companies.

In the FAQs the European Commission addresses following topics, among others:

  • Questions on the application requirements, exemption options from sustainability reporting (also by third country companies), the first time application of sustainability reporting and the form of reporting.
  • Questions on reporting over value chain and the possibility of using estimates.
  • Questions on reporting by third-country companies, in particular in accordance with Article 40a of the Accounting Directive. These concern, among other things, the application requirement, the scope of reporting, the date of first-time application, the application of ESRS and the mandatory audit.
  • Questions regarding the assurance of sustainability reporting.

Furthermore, the EU Commission comments on a question regarding the indicators for the purpose of disclosure according to the SFDR, which are subject to the materiality assessment under the CSRD.

The Commission Notice can be downloaded here.

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