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• EC tells EFRAG to concentrate on the implementation of Set 1 of the ESRS

• 22 Mar, 2023

• On 22 November 2022, the European Financial Reporting Advisory Group (EFRAG) submitted its first set of draft European Sustainability Reporting Standards (ESRS) to the European Commission (EC) and began working on Set 2 of the ESRS, which would contain sector-specific standards. EFRAG has now been told to concentrate on providing additional guidance on how to apply the proposed standards in Set 1.

• ESAs issue opinions on ESRS

• 27 Jan, 2023

• On 25 November 2022, the European Commission requested the European Supervisory Authorities (ESAs) to provide an opinion on the technical advice on the first set of European Sustainability Reporting Standards (ESRS), which the European Financial Reporting Advisory Group (EFRAG) submitted on 22 November 2022.

• EFRAG submits draft ESRS to EC

• 23 Nov, 2022

• The European Financial Reporting Advisory Group (EFRAG) has submitted its draft European Sustainability Reporting Standards (ESRS) to the European Commission (EC).

• European Union formally adopts amendments to IFRS 17

• 09 Sep, 2022

• The European Union has published a Commission Regulation endorsing 'Initial Application of IFRS 17 and IFRS 9 — Comparative Information (Amendment to IFRS 17)' issued by the IASB in December 2021.

• European Union formally adopts amendments to IAS 12

• 12 Aug, 2022

• The European Union has published a Commission Regulation endorsing 'Deferred Tax related to Assets and Liabilities arising from a Single Transaction' issued by the IASB in May 2021.

• European Council and European Parliament reach an agreement on the corporate sustainability reporting directive (CSRD)

• 07 Jul, 2022

• Following the provisional political agreement on the EU Corporate Sustainability Reporting Directive (CSRD), on 22 June 2022, the near final text for the CSRD has been published.

• European Parliament and Council reach provisional agreement on CSRD

• 22 Jun, 2022

• The European Council and European Parliament have reached a provisional political agreement on the corporate sustainability reporting directive (CSRD) proposed by the European Commission (EC) in April 2021.

• Accountancy Europe sends letter to Commissioner McGuinness on European sustainability reporting standards

• 25 Apr, 2022

• Accountancy Europe has written a letter to the European Commission's Commissioner Mairead McGuinness on the development of purposeful and effective European sustainability reporting standards (ESRS) providing some important comments that need to be addressed in order for the ESRS to be a successful tool for the EU and its ambitious plan to to turn Europe into the first climate neutral continent by 2050.

• European Union formally adopts amendments to IAS 1 and IAS 8

• 03 Mar, 2022

• The European Union has published a Commission Regulation endorsing 'Disclosure of Accounting Policies' and 'Definition of Accounting Estimates' issued by the IASB in February 2021.

• European Commission adopts proposal for a Directive on corporate sustainability due diligence

• 01 Mar, 2022

• The European Commission has adopted a proposal (and associated annex) for a Directive on corporate sustainability due diligence.

• European Union adopts IFRS 17 — with annual cohort exemption

• 23 Nov, 2021

• The European Union has published a Commission Regulation endorsing IFRS 17 'Insurance Contracts', albeit with an exemption regarding the annual cohort requirement.

• EC event on sustainability reporting standards and the future of sustainability reporting

• 28 Oct, 2021

• The European Commission (EC) organises a side event to COP 26 with the participation of the European Financial Advisory Reporting Group (EFRAG).

• European Union asked to follow a global baseline approach to ESG reporting

• 26 Oct, 2021

• Supported and coordinated by the European Round Table for Industry, the Value Balancing Alliance, the World Business Council for Sustainable Development and the World Economic Forum, 57 organisations have sent an open letter to the European Commission, the European Parliament and the Council of the European Union calling on them to align upcoming European sustainability reporting standards with globally consistent and comparable performance metrics and disclosures.

• European Union formally adopts extended practical relief regarding COVID-19-related rent concessions

• 31 Aug, 2021

• The European Union has published a Commission Regulation endorsing 'Covid-19-Related Rent Concessions beyond 30 June 2021 (Amendment to IFRS 16)' issued by the IASB in March 2021.

• We comment on the proposed CSRD

• 16 Jul, 2021

• The Deloitte firms in the European Union on behalf of Deloitte Global have provided feedback on the proposed EU Corporate Sustainability Reporting Directive (CSRD).

• Accountancy Europe comments on ways to address the climate emergency

• 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.

• EC announces new sustainable finance strategy

• 06 Jul, 2021

• The European Commission (EC) has adopted a number of measures regarding its sustainable finance ambitions.

• European Union formally adopts May 2020 amendments

• 02 Jul, 2021

• The European Union has published a Commission Regulation endorsing four pronouncements issued by the IASB in May 2020.

• EFRAG begins public consultation on due process procedures on EU sustainability reporting standard-setting

• 16 Jun, 2021

• The EFRAG has launched a public consultation paper, ‘EFRAG Due Process Procedures on EU Sustainability Reporting Standard-Setting’. The consultation paper provides the requirements the EFRAG plans to follow in its role as technical advisor to the European Commission in the preparation of European sustainability reporting standards envisioned in the draft Corporate Sustainability Reporting Directive.

• EC asks EFRAG to begin work on EU sustainability standards

• 17 May, 2021

• The European Commission (EC) has sent a letter to the European Financial Reporting Advisory Group (EFRAG) to begin work on the European sustainability reporting standards envisioned in the draft Corporate Sustainability Reporting Directive (CSRD) published by the EC in April. The letter notes that in order to meet the tight timeline the EC has set for itself, the development of draft sustainability standards will need to start before the new EFRAG governance structure is in place.

• IOSCO Vice Chair explains why and how IOSCO supports the sustainability initiative of the IFRS Foundation Trustees

• 10 May, 2021

• At the high-level conference "Proposal for a Corporate Sustainability Reporting Directive - The Way Forward" hosted by the European Commission on 6 May 2021, Jean-Paul Servais, Vice Chair of the International Organization of Securities Commissions (IOSCO) and Chair of the IFRS Foundation Monitoring Board explained why IOSCO believes in the IFRS Foundation Trustees’ sustainability initiative and what IOSCO will do to support it.

• EC conference on the proposed Corporate Sustainability Reporting Directive and the way forward

• 07 May, 2021

• In its efforts to revise the EU Non-Financial Reporting Directive (NFRD), the European Commission (EC) in April 2021 published a proposal for a Corporate Sustainability Reporting Directive (CSRD). At a high-level conference on 6 May 2021 "Proposal for a Corporate Sustainability Reporting Directive - The Way Forward" participants also discussed the tight timeframe of the EC proposals.

• Final report on the EC's fitness check on public reporting by companies

• 28 Apr, 2021

• In March 2018, the European Commission (EC) initiated a "fitness check assessment" on public reporting by EU companies. The final results of this assessment have now been published.

• EC publishes proposed Corporate Sustainability Reporting Directive

• 21 Apr, 2021

• In its efforts to revise the EU Non-Financial Reporting Directive (NFRD), the European Commission (EC) has today published a proposal for a Corporate Sustainability Reporting Directive (CSRD).

• EFRAG and European Commission meet with leading international sustainability reporting standard setters

• 26 Mar, 2021

• On 22 March 2021, EFRAG and European Commission representatives met with the IFRS Foundation and CDP/CDSB, GRI, SASB/IIRC, TCFD, UN Global Compact, UN Guiding Principles Reporting Framework, and WICI.