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FAQs for firms affected by EU reporting rules

The European Commission has published a set of frequently asked questions (FAQs) aimed at supporting organisations affected by new rules on corporate-sustainability reporting.

Under the rules, firms must disclose detailed information on the environmental and social impact of their activities.

The commission says that its latest publication is part of its efforts to make the sustainable-finance framework more usable for companies and reduce the administrative burden on them.

Feedback

The EU body adds that the FAQs take into account feedback received from companies and cover issues such as the scope of the rules, application dates, and exemptions.

They clarify, for example, when companies may use estimates, rather than having to collect value-chain information from suppliers or partners.

“The FAQs provide important clarifications, and will further reduce the need for companies to seek external legal or consultancy advice for applying the rules,” stated Mairead McGuinness, the commissioner responsible for financial services (pictured).

The European Union (Corporate Sustainability Reporting) Regulations 2024 came into effect last month, transposing the EU’s Corporate Sustainability Reporting Directive (CSRD) into Irish law.