2021 has in many ways been the “year of ESG” – of environmental, social and governance issues – and has seen several crucially important developments, particularly in terms of sustainability reporting standards and requirements.
After several years of negotiations, the European Council and European Parliament have reached political agreement on disclosure by multinational companies of the tax they pay in each country.
The European Commission has published the results of its 2018 ‘fitness check’ assessment of public reporting by EU companies.
The European Commission has adopted a proposal for a Corporate Sustainability Reporting Directive (CSRD), to amend and replace the current Non-Financial Reporting Directive (NFRD).
There is, as yet, no easy way to find European Single Electronic Format (ESEF) submissions and the valuable information they contain – although progress towards the European Single Access Portal (ESAP) is likely to change that over time. So XBRL US has started a collection point of its own to help data consumers access the filings.
The latest Eurofiling event, themed ‘ESEF today, ESG tomorrow,’ shared experiences of the European Single Electronic Format (ESEF) and looked ahead to the future of reporting in Europe: digital, comparable and wide in scope.
Grinding along in the background since 2016 have been a range of measures that seek to use disclosure mechanisms to rebalance various tax arrangements. This week the European Council has approved proposed measures to enhance corporate transparency of big multinational companies, as part of its action plan on reforms to the international corporate tax system.
Ensuring that companies across the EU can get the investment they need to recover from the Covid-19 crisis means making sure investors have access to usable, comparable data.
The recently released New Vision for Europe’s Capital Markets Report sets out an in-depth and granular plan of action to tackle the obstacles that have discouraged cross-border and foreign investment in the EU – including a single access portal for freely accessing all financial and non-financial data on eligible EU entities.
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