CSRD- How to navigate through the new sustainability reporting requirements

From January 2025, large companies and parent companies of large groups exceeding on its balance sheet dates, the average number of 500 employees, are required to issue their non-financial report in compliance with the EU Corporate Sustainability Reporting Directive (CSRD) requirements for financial years starting on or after 1 January 2024.

The CSRD and the related European Sustainability Reporting Standards (ESRSs) are regarded as a game changer for non-financial reporting. Comprehensive information, including its own operations, products and services, business relationships and supply chain, will have to be disclosed to allow key stakeholders understand the company’s impact on sustainability matters and how they affect the company’s development, performance and position related to environmental, social and governance (ESG), based on double materiality principle and EU Taxonomy Regulation (Regulation EU 2020/852). Reported sustainability information will include short-, medium- and long-term time horizons. Notably, independent third-party limited assurance is mandatory for all sustainability reports in CSRD scope.

However, the implications resulting from the implementation of the CSRD and EU Taxonomy regulations are still not fully appreciated by most of Romanian businesses. We believe that early movers, among EU and non-EU based companies, which start preparing CSRD plan will gain a competitive advantage and experience a smoother and more efficient reporting transition process.

In order to have a better understanding of the expected effects of this new EU Directive on your financial and non-financial reporting, we are hosting a workshop on Thursday, 22nd of June, at 3:30 P.M. The event will take place at our office, Bucharest Tower Center Building, 7th Floor, 15-17 Ion Mihalache Blvd and it will be followed by a dinner. During the event, the CSRD/ESRSs key requirements, timeline, challenges and possible solutions will be presented and discussed. 

WORKSHOP AGENDA

3:15-3:30 P.M. - Registration & welcome coffee
3:30-3:45 P.M. - Brief introduction of the CSRD: applicability, key requirements and timeline
3:45-4:00 P.M. - Q&A
4:00-4:15 P.M. - European Sustainability Report Standards: an overview of the new sustainability reporting framework and criteria
4:15-4:30 P.M. - Q&A
4:30-4:45 P.M. - External verification: implications for companies and the financial audit process
4:45-5:00 P.M. - Q&A
5:00-5:15 P.M. - EY ESG Suit: EY comprehensive solution to deliver all elements needed for CSRD readiness
5:15-5:30 P.M. - Q&A
5:30-6:00 P.M. - Networking