Accountancy Europe recommends reducing administrative burdens
Accountancy Europe recommends reducing administrative burdens
Accountancy Europe published specific recommendations to the European Commission (EC) on reducing administrative and reporting burdens for EU entities. These recommendations respond to the upcoming 'omnibus package' expected on 26 February 2025, which aims to amend the Corporate Sustainability Reporting Directive (CSRD), the Corporate Sustainability Due Diligence Directive (CSDDD), and the EU Taxonomy Regulation.
Accountancy Europe expressed support to the EC's objective to reduce reporting burdens but cautions that amendments may leave stakeholders with insufficient preparation time. To achieve the EC's objective with minimal disruption, Accountancy Europe suggests:
Accountancy Europe expressed support to the EC's objective to reduce reporting burdens but cautions that amendments may leave stakeholders with insufficient preparation time. To achieve the EC's objective with minimal disruption, Accountancy Europe suggests:
- Focusing on the CSRD's scope, effective dates, and extent of requirements.
- Differentiating between categories of 'other large entities' and applying requirements at different times.
- Introducing staggered and less demanding reporting requirements.
- Aligning sector-specific standards globally and reassessing the scope of entities required to apply them.
- Performing a retrospective assessment of the EU Taxonomy Regulation to alleviate stakeholder concerns.
- Ensuring interoperability between the CSDDD and the CSRD to address duplications and inconsistencies.