On 7 August 2024, the European Commission published a set of frequently asked questions on the implementation of the EU Corporate Sustainability Reporting Directive (Directive (EU) 2022/2464) (“CSRD“) and the interpretation of certain legal provisions in the Accounting Directive (Directive 2013/34/EU), the Transparency Directive (Directive 2004/109/EC) and the Sustainable Finance Disclosure Regulation (Regulation (EU) 2019/2088). The FAQs take into account input received from in-scope companies and cover issues such as scope, timing and exemptions. For example, the FAQs include a flowchart illustrating the process to determine whether an entity is in scope of the sustainability reporting requirements and from which financial year (see page 12 of the FAQs), as well as a table illustrating the different application dates for the different types of undertakings subject to sustainability reporting (see page 13 of the FAQs).
The FAQs also cover some aspects of the associated European Sustainability Reporting Standards (“ESRS“).
The EFRAG – the technical adviser to the European Commission that developed the ESRS – has separately published implementation guidance in relation to the ESRS, the most recent of which was published on 31 May 2024.
You can read the FAQs here: Frequently asked questions on the implementation of the EU corporate sustainability reporting rules – European Commission (europa.eu).
You can read the latest iteration of the EFRAG ESRS implementation guidance here: ESRS implementation guidance documents | EFRAG.
For more information on the CSRD and the ESRS, you can read our earlier updates here: The EU Corporate Sustainability Reporting Directive is upon us – what non-EU companies should know and do | Insights | Mayer Brown; and European Commission adopts the European Sustainability Reporting Standards | Insights | Mayer Brown.