“While in most respects the fundamentals remain intact, the proposed changes to the CSRD represent a significant scaling-back of the ambition for sustainability reporting in the EU. We will continue to assess the complex implications of these proposals while we await further information.
“We’re pleased that the EC intends to reconsider the scope of the mandatory reporting regime for both EU and non-EU companies and to allow most in-scope companies more time to prepare for sustainability reporting under the CSRD. This is a challenging endeavour, and it is important to ensure that the demands on companies are proportionate and secure high-quality, trusted sustainability reporting.
“It’s very positive in particular that the EC now wants to streamline European reporting standards by reducing the number of data points and clarifying their provisions, and to limit the practical impact of the new regime on SMEs within the value chain of in-scope companies. We are also pleased to note an intention to further enhance interoperability of EU and international standards, something which ICAEW has long been calling for.
“On the assurance side, while the improved clarity is good, it is disappointing to note the much-reduced prospects for any transition from a ‘limited’ to a ‘reasonable’ assurance regime as this transition could add significantly to the confidence of users in the reliability of reported sustainability information.”
ENDS
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