Our company is represented in the International Accounting Standards Board (IASB) and the European Financial Reporting Advisory Group (EFRAG), including EFRAG PTF and FinDaTex. We help develop the sustainability disclosure standards of tomorrow.
A study from the Climate Disclosure Standard Board (CBSD) on 2020 environmental disclosure reports of 50 leading European Companies shed light on the following conclusions:
“26% did not use targets to monitor environmental performance and 16% failed to link progress updates clearly to ploicies”
“38% applied the double materiality perspective to their environmental disclosures”
“all companies provided GHG emissions disclosure, but only 10% disclosed metrics on biodiversity”
“74% considered both physical and transition risks, but just 4% of all companies clearly disclosed their risks over different time horizons”
“68% referenced TCFD in their disclosure, but only 18% adequately disclosed their resilience to different climate scenarios”
Aims to bring more standardization with the following key principles:
- More detailed reporting requirements
- Mandatory assurance
- Promotion of the double materiality concept
- Emphasis on forward-looking information
The CSRD will be enforced in 2025 for the fiscal year 2024 for companies which fall under the NFRD directive, in 2026 for the fiscal year 2025 for all companies except SMEs and in 2028 for all companies.
The scope includes companies with:
- over 250 employees or
- a net turnover over 40m € or
- a total balance sheet over 20m €
The number of European companies subjected to mandatory sustainability will rise from 11,700 under the NFRD to more than 50,000 under the CSRD.
- SFDR: Information required by financial market participants
- EU Taxonomy: Green economic activities and information to disclose about these activities
- ISSB: Sustainability board of the IFRS foundation bringing together the following initiatives:
- IIRC: Financial materiality dimensions and connectivity principle from the <IR> Framework
- SASB: Sector classification
- CDSB: Social and environmental disclosures
- CDP: Environmental disclosures
- GRI: Impact materiality dimensions
- TCFD: recommendations for climate-related disclosures
- PCAF: Metrics
- GHG Protocol: Metrics
- SBTi: Targets
- PACTA: scenario analysis
Credit: PTF-ESRS Batch 1 working papers –Cover note and next steps
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