The European Commission’s proposal for a Corporate Sustainability Reporting Directive (CSRD) envisages the adoption of EU sustainability reporting standards. The draft standards would be developed by EFRAG. The standards will be tailored to EU policies, while building on and contributing to international standardisation initiatives.
Today the European Commission adopted an ambitious and comprehensive package of
measures to channel funding towards sustainable activities. This
package includes a proposal for a Corporate Sustainability Reporting
Directive (CSRD) aiming – over time – to bring sustainability reporting on a par with financial reporting.
On 8 March EFRAG published two reports
exploring the possibility of developing European sustainability
reporting standards and the possible changes to the governance and
finance of EFRAG if EFRAG would develop these standards. The reports
were issued after the recommendations were submitted to Commissioner
McGuinness.
EFRAG Board President, Jean-Paul Gauzès, welcoming the proposal for the CSRD and the envisaged role for EFRAG commented:
“I
am very honoured by the confidence the European Commission is putting
into EFRAG by requesting EFRAG to prepare technical advice with proper
due process, public oversight and transparency, contributing to the
delegated acts through which the sustainability reporting standards will
be adopted.
EFRAG has been advising the European
Commission for many years on the endorsement of IFRS Standards and I am
pleased that our reputation as a European centre of expertise on
corporate reporting has been recognised. EFRAG is well placed to foster
coordination between European sustainability reporting standards and
international initiatives that seek to develop standards that are
consistent across the world.”
EFRAG
© EFRAG - European Financial Reporting Advisory Group
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