The US Week in Review highlights this week’s developments and emerging issues in the financial reporting world and gives you direct access to relevant technical accounting guidance and thought leadership produced by EY.
What’s new from EY
Our What you need to know for Q1 2025 financial reporting webcast will be held on 13 March 2025 from 1 p.m. to 2 p.m. Eastern time.
Regulatory matters
European Commission
European Commission proposes sweeping changes to CSRD as part of Omnibus package
The European Commission (EC) proposed changes to its Corporate Sustainability Reporting Directive (CSRD) as part of an Omnibus simplification package that would cut back on the scale and scope of the EU sustainability reporting requirements.
Under the proposal, the CSRD would be postponed by two years (i.e., effective 1 January 2027) for large entities that aren’t listed, including large EU subsidiaries of US multinationals, and would only apply to entities that have more than 1,000 employees (previously 250 employees) and either revenue above EUR 50 million or total assets above EUR 25 million.
Additionally, the EC plans to amend the European Sustainability Reporting Standards to substantially reduce the number of data points entities must report and proposes eliminating the requirement for sector-specific standards. The EU Taxonomy would become voluntary for entities in the scope of the CSRD with revenue of less than EUR 450 million. The EC also plans to reduce the reporting requirements for the EU Taxonomy.
Certain aspects of the proposal would need to be agreed to by the European Parliament and Council of the European Union before becoming effective, and EU Member States would then need to transpose those aspects into local law.
Standard Setter updates
Financial Accounting Standards Board (FASB)
Upcoming webcasts
What you need to know for Q1 2025 financial reporting
13 March 2025, 1 p.m. Eastern time
Accounting for income taxes: a quarterly perspective – March 2025
25 March 2025, 11 a.m. Eastern time