Accountancy Europe comments on ways to address the climate emergency

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09 Jul, 2021

Accountancy Europe has provided feedback on the proposed EU Corporate Sustainability Reporting Directive (CSRD) and has released a publication on cooperation in sustainability reporting standard-setting.

On the draft CSRD, Accountancy Europe notes that common standards for sustainability reporting need to be set quickly as such European standards will also provide the necessary basis for digitisation and assurance. However, Accountancy Europe emphasises the need for coordination of the different sustainability reporting initiatives:

It is important for the EC to build on globally accepted standards and contribute to international convergence, especially with the IFRS Foundation’s global sustainability reporting standards in development. Ultimately, consolidated global standards would be best to meet investors’ and capital markets’ needs for information comparability whilst minimising duplications and unnecessary costs.

The same argument is brought forward in Accountancy Europe's newly released publication A constructive two-way cooperation to Sustainability reporting standard-setting. The publication notes that EFRAG and the IFRS Foundation should coordinate and work together as early as possible to produce aligned standards and to avoid duplications and unnecessary costs. It states:

The EC, EFRAG, and the IFRS Foundation with its International Accounting Standards Board (IASB) have been working together on the financial reporting agenda since 2002. As EFRAG is now expanding its role to standard-setting, this cooperation should be extended to sustainability reporting standard-setting.

Please click to access the following information on the Accountancy Europe website:

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