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Responses to the EC consultation on the revision of the NFRD show desire for global standard-setting in this area

  • European Union Image

15 Jun 2020

In February 2020, the European Commission (EC) launched a public consultation on a revision of the EU Non-Financial Reporting Directive (NFRD). Among the proposals included in the consultation document was the suggestion that an EU standard-setter could be installed that would set European non-financial reporting standards.

While respondents to the consultation agree that standardisation in the area would be beneficial and that the scope of the NFRD could be expanded, the idea of a Europe only solution meets resistance.

A coalition of ten organisations including ACCA, Accountancy Europe, CDSB, and WWF warns to "keep up the international role for reporting standards" and notes that "we need to bear in mind that challenges such as the worldwide climate crisis requires global efforts and solutions"; ESMA notes that it "is of the view that international alignment should be the objective"; and the IFAC "urges the Commission to adopt a global mindset".

Deloitte has also submitted a comment letter. We note:

We support global standardisation because the issues faced are global ones and many businesses have global supply and value chains and global investors.

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