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Corporate Sustainability Reporting Directive (CSRD): transposition and delegated acts
Article European Law | 16/01/23 | 1 min. |
It would be advisable to remain attentive to the progress on the corporate sustainability reporting directive (CSRD) published in the Official Journal of the European Union on December 16th, 2022 and for which the deadline for transposition into domestic law is July 6th, 2024. Its application will take place in 3 stages: as of the financial year beginning January 1st, 2024 for companies already subject to the Non-financial reporting directive (NFRD); January 1st, 2025 for large companies that are not presently subject to the NFRD; and January 1st, 2026 for listed SMEs and some captive insurance undertakings. The CSRD directive should be the subject of a first series of delegated acts by the Commission by June 30th, 2023, and of a second series by June 30th, 2024, including the reporting standards for SMEs. This involves specifying the content of the information the relevant companies will have to publish. These delegated acts will be adopted on the basis of the draft detailed standards to be established by the EFRAG (European Financial Reporting Advisory Group). The Council and the Parliament will however need to be consulted on their opinions before the adoption of such delegated acts. It will be important to be aware of possible differences with the standards concomitantly developed by the ISSB (International Sustainability Standards Board).