CSDR: Sustainability Business Opportunity

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Financial Planning and Review of Year End Reports

The Corporate Sustainability Reporting Directive (CSRD) marks a major change in sustainability reporting within the European Union. This new regulation, which replaces Directive 2014/95/EU, is expected to affect around 50,000 companies. Multiplying its reach compared to the previous regulation. But what exactly does this directive imply? And what concepts should we take into account?

The CSRD introduces the concept of “sustainability reporting” and seeks to provide more detailed and meaningful reporting. Addressing both financial and impact aspects.

The role of the European Financial Reporting Advisory Group (EFRAG) is key in the preparation of the European Sustainability Reporting Standards (ESRS), which are the new standards for sustainability reporting. These recently approved standards cover environmental, social, and governance aspects.

And what do we have to take into account from the Spanish State? In Spain, the Accounting and Auditing Institute (ICAC) is responsible for the transposition of the CSRD, and it is expected that this new regulation will be applicable to different company categories in successive phases until 2028.

The connection between the CSRD and the Progress Report of the UN Global Compact in Spain is highlighted. This report, which came into effect in 2023, is based on more than 50 specialized questions and is aligned with the Global Compact Principles as well as the Sustainable Development Goals. The correlation between these regulations shows how European and national regulations converge to promote a more comprehensive and responsible approach to business sustainability.

Overall, the CSRD represents both a challenge and an opportunity for companies to adapt to more rigorous standards and demonstrate a greater commitment to sustainability in their corporate reporting.

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