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Deloitte comment letter on the consultation on the renewed sustainable finance strategy

Published on: 14 Jul 2020

In April 2020, the European Commission (EC) published a consultation on a renewed sustainable finance strategy and in that context tried to reopen the debate on whether IFRS rules hinder sustainable investment behaviour despite contrary findings from the Fitness Check on the EU framework for public reporting by companies in 2018, corresponding analyses by the European Securities and Markets Authority (ESMA) and the European Financial Reporting Advisory Group (EFRAG) following the Fitness Check, and the European Banking Authority (EBA) report on undue short-term pressure from the financial sector on corporations.

Deloitte has submitted a comment letter on the consultation and states: "Existing financial accounting requirements do not in our view hamper the adequate and timely consideration of climate and environmental risks in the recognition and measurement of assets and liabilities of entities in their financial statements."

Please click to download the full comment letter below (cover letter with main messages first, followed by completed questionnaire).

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