CSRD

The EU’s sweeping Omnibus reforms have transformed the CSRD landscape—tightening scope to entities above €450M turnover and 1,000 employees, delaying reporting, and moving toward simplified ESRS standards expected by mid‑2026.

These changes significantly alter who must report, what must be reported, and when disclosures begin. Many companies that assumed they were in scope—or out of scope—must now urgently reassess their exposure, adapt data processes, and reset their reporting strategy.

We help organisations rapidly interpret the updated thresholds and requirements, redesign their reporting roadmap, and operationalise ESRS-ready processes before the rules take effect.

Rebecca Wilson

Director, Corporate & ESG Reporting

KPMG in the UK

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What is CSRD and who does it apply to?

CSRD is the European Union’s Corporate Sustainability Reporting Directive, requiring very large companies to disclose environmental, social, and governance (ESG) information according to standardised reporting rules.

CSRD applies to:

EU companies with > 1,000 employees and net turnover of > €450 million (wave 2);
non-EU parent groups with a net turnover of > €450 million generated in the EU and a subsidiary or branch with > €200 million (wave 4).

Reporting will begin in FY27 (reporting in 2028) for EU companies (wave 2) and FY28 (reporting in 2029) for non-EU groups (wave 4).

EU Taxonomy

EU Taxonomy introduces a framework for assessing whether economic activities are environmentally sustainable. It links directly linked to the financial statements, with key metrics such as turnover, CapEx and OpEx requiring careful assessment and disclosure. This drives the need for strong coordination across finance, sustainability and operational teams. Wave 2 CSRD reporters will also need to report under EU Taxonomy for FY27, reporting in 2028.