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On 28 January 2025, the German Accounting Standards Committee e.V. (GASC) published a consultation draft for an application note on GAS 20 (E-DRSC AH 5).

Directive (EU) 2022/2464 on Corporate Sustainability Reporting (CSRD) came into force on 5 January 2023 and was to be transposed into the national law of the EU member states by the beginning of July 2024. This has not yet taken place in Germany. For companies that nevertheless wish to voluntarily apply the ESRS as a framework for the preparation of non-financial reporting, the question arises as to how the principles of proper management reporting (GAS 20, paragraphs 12 to 35) interact with the reporting requirements of the ESRS of Set 1. Secondly, the question arises as to which financial year is to be regarded as the first year of the period to which the transitional relief of the ESRS applies. The consultation draft for an application note addresses these issues.

The Joint Technical Committee of the GASB is asking all interested persons and organisations to comment by 26 February 2025.

The consultation draft is available via the GASB's press release.

KPMG Express Accounting News

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