Big changes are on the horizon for corporate sustainability reporting in Europe with the Omnibus Simplification Package, set to be unveiled on 26 February. To be informed by the EU’s broader Competitiveness Compass, the omnibus aims to streamline regulatory requirements, particularly for small and medium-sized enterprises (SMEs).
This week the EU made a series of announcements on its priorities, including a new European Competitiveness Compass. The document is intended to guide policy making priorities for the next 5 years. Amongst other things, it signals a shift towards enhanced digital reporting as a means to improve corporate transparency, investment efficiency, and economic resilience.
The European Central Bank (ECB) has launched its 2025 stress testing exercise, with a sharper focus on addressing data quality issues and overly optimistic projections from banks. Stress tests are critical for assessing resilience under adverse economic conditions, but past submissions have underestimated risks, prompting the ECB to tighten its approach.
After years of debate and development, the European Commission has taken the next major step in public country-by-country reporting (CbCR).
The European Supervisory Authorities (ESAs), comprising the European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA), and the European Securities and Markets Authority (ESMA), have published their Final Report on new implementing technical standards (ITS) for the European Single Access Point (ESAP).
The European Banking Authority (EBA) has rolled out a draft technical package for its upcoming 4.0 reporting framework, giving institutions an early preview of the changes set to apply in 2025.
The European Commission has taken formal action against 17 EU member states for failing to fully implement the Corporate Sustainability Reporting Directive (CSRD) by the July 2024 deadline. In letters sent to countries including Germany, Spain, and Poland, the Commission opened infringement procedures, signalling its desire to get this initiative implemented.
The European Banking Authority (EBA) has launched its 2024 EU-wide transparency exercise, offering a detailed look into the financial health of Europe’s banking sector. This data-driven initiative is part of the EBA’s preparations for the 2025 stress tests, aimed at ensuring a stable and resilient banking environment.
KPMG and PwC have raised concerns over the draft EU regulations on country-by-country reporting (CbCR), seeking clearer guidance on the use of XBRL for tax reporting. The new rules mandate XBRL for reporting financial data, but specifics on its implementation are lacking, prompting calls for further clarification.
Last week the European Financial Reporting Advisory Group (EFRAG) published the XBRL taxonomy to accompany the first set of European Sustainability Reporting Standards (ESRS Set 1), supporting the digital tagging of sustainability statements.
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