EFRAG to undertake preparatory work for possible EU non-financial reporting standards
03 Jul, 2020
In February 2020, the European Commission (EC) launched an initiative to review the European Non-Financial Reporting Directive (NFRD). One of the aspects of the review looks at whether to mandate the use of a common set of non-financial reporting standards and whether these should be especially developed European standards. The EC has now sent two letters to the European Financial Reporting Advisory Group (EFRAG) asking it to undertake preparatory work for the possible elaboration of such standards.
The first letter tasks the Steering Group of the European Reporting Lab with appointing a multi-stakeholder project task force to carry out the preparatory work for possible standards. The second letter is directed ad personam to the EFRAG Board President to consider a possible need for changes to the governance and financing of EFRAG if it were to be tasked with the development of European non-financial reporting standards in a revised NFRD.
The press release on the EFRAG website offers access to both letters.
