The European Commission published today FAQs on the Corporate Sustainability Reporting Directive, to support CSRD reporting. The FAQs take into account input received from companies and cover issues such as scope, application dates and exemptions.
The DRAFT COMMISSION NOTICE clarifies legal provisions related to sustainability reporting in the Accounting Directive, Audit Directive, Audit Regulation, Transparency Directive, the first ESRS delegated act, and the SFDR.
Directives
- Directive 2013/34/EU (Accounting Directive)
- Directive 2006/43/EC (Audit Directive)
- Regulation (EU) No 537/2014 (Audit Regulation)
- Directive 2004/109/EC (Transparency Directive)
- Commission Delegated Regulation (EU) 2023/2772 (first set of European Sustainability Reporting Standards “first ESRS delegated act”), and
- Regulation (EU) 2019/2088 (Sustainable Finance Disclosures Regulation “SFDR”) as regards sustainability reporting.
Summary
- Purpose: The FAQs clarify provisions on sustainability reporting introduced by the CSRD and related directives/regulations to facilitate their implementation by companies.
- Coverage: Includes clarifications on the Accounting Directive, Audit Directive, Audit Regulation, Transparency Directive, and the SFDR.
- Additional Guidance: Provides limited clarifications on the European Sustainability Reporting Standards (ESRS) and suggests consulting implementation guidance published by EFRAG.
- Objective: Aims to help stakeholders comply with regulatory requirements cost-effectively, ensuring usability and comparability of sustainability information, and reducing administrative burdens.
- Scope: Clarifies existing legal provisions without extending rights/obligations or introducing new requirements.
- Authority: Only the Court of Justice of the European Union can authoritatively interpret Union law. The FAQs do not prejudge the Commission’s potential legal positions.
Report
Read the CSRD FAQs
