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AAEC Newsletter: March 2022
Sustainability Reporting -
Where,When, What and Who?
Dear {#party.FirstName},
In the January newsletter, we discovered what information to report. In the February newsletter we revealed which standards SME clients should use as a basis for the voluntary preparation of its sustainability report.
In this month's AAEC newsletter, we determine what the proposed CSRD envisages - concerning the deadline, the person(s) in charge and the format of the sustainability reporting.
Where do I publish?
Organisations should no longer be able to choose where they publish the information in relation to sustainability, as it is the case currently in application of the Non-Financial Reporting Directive (NFRD). In the future, the required information is to be included
in the management report (if applicable in your country) of the annual report.
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What format does the report need to be in?
Publication is also to be in a machine-readable format.
The "Single electronic Reporting Format" will require sustainability information to be tagged in the future and is intended to establish compatibility with the "European Single Access Point", a central register for digitally prepared reports, which is still to be developed by the EU. |
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When do I publish?
This report is to be published no later than four
months after the end of the financial year.
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Who is responsible for submitting the report?
The proposed CSRD aligns the collective responsibility of the members of the administrative, management and supervisory bodies of a company with the new sustainability reporting requirements. In particular it requires administrative, management and supervisory bodies to ensure that the company in question has reported in accordance with EU sustainability reporting standards, and in the digital format required, and deletes the reference to the currently allowed separate report for sustainability reporting.
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Should you ever lose track of the big picture, my colleagues and I from the AGN EMEA Accounting, Auditing & Education Committee (AAEC) will be happy to help and guide you safely through the IFRS and CSR jungle. As a member of AGN International, you can make use of the AGN AAEC Helpline at any time or contact me by email at [email protected] or by mobile phone at +49 173 8710322.
Happy accounting,
Carsten
Carsten Ernst
Managing Partner at Wirtschafts Treuhand Group, Stuttgart, Germany |
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- Serves as accounting counsel focused on International Financial Reporting Standards (IFRS)
- Provides AGN members with support in the context of specific transactions
- University Degree in Business Administration
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- German Public Auditor and Tax Consultant
- Member of the following AGN bodies: EMEA
Board of Directors (Vice-Chairman), EMEA AAEC
Accounting and Auditing Committee (Chairman) and IACC International Auditing and Accounting Committee
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