EU publishes CSRD FAQ to support ESG reporting
The European Commission has published a new set of Frequently Asked Questions (FAQs) to assist companies and other stakeholders, such as accountants, in implementing the sustainability reporting requirements of the EU's Corporate Sustainability Reporting Directive (CSRD). The first reports will begin next year, based on the financial year 2024.
The CSRD is a significant update to the Non-Financial Reporting Directive (NFRD), increasing the number of companies required to provide sustainability information from approximately 12,000 to over 50,000. The CSRD introduces more detailed reporting requirements in areas such as environmental impact, human rights, social standards, and sustainability-related risks.
The CSRD will be effective from early 2024 for large public interest entities with more than 500 employees, with the first reports expected in 2025. The following year, companies with more than 250 employees or €40 million in revenue will follow, and the year after that, listed small and medium-sized enterprises (SMEs) will also be included.
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