Discussion on integrated and sustainability reporting

On 9 June 2021, Nexia Audit Advice hosted a discussion on integrated and sustainability reporting. Nexia Baltic Region member firms and our colleagues from the Nexia International network took part in the discussion. The special guest of the discussion was a sustainability specialist from Swedbank.

 

On 21 April 2021, the European Commission adopted an ambitious package of measures related to sustainable activities in the European Union, incl. a proposal for a new Corporate Sustainability Reporting Directive (CSRD). The proposal for a Corporate Sustainability Reporting Directive will revise the existing reporting rules introduced by the Non-Financial Reporting Directive (NFRD), introduce common European reporting rules that will increase transparency by requiring companies to provide consistent information on sustainability information and comparable data. The new reporting requirements are expected to apply to all large companies and all listed companies, incl. listed small and medium-sized enterprises. The European Commission will develop proportionate standards for small and medium-sized enterprises. The proposed Corporate Sustainability Disclosure Directive will not only provide a basis for a consistent flow of sustainability information throughout the financial value chain, but also will be useful to other stakeholders.

 

Member States shall transpose the Directive by 1 December 2022 and ensure that its provisions apply to companies for the financial year starting on 1 January 2023 or during the calendar year 2023.

 

During the meeting, participants discussed the evolution of corporate accounts, elements and content of integrated and sustainability reports, the European Commission’s proposal for a Corporate Sustainability Disclosure Directive as of April 2021, Swedbank's actions in these areas, companies' readiness and difficulties in preparing new reports and the role of auditors in assurance of sustainability information.