• Register
Return to: Home > News > EU member states only follow basic requirements of Non-Financial Reporting Directive

EU member states only follow basic requirements of Non-Financial Reporting Directive

CSR Europe, GRI and Accountancy Europe have found most EU member states are only implementing the basic requirements of the EU Directive on Non-Financial and Diversity Information.

The directive was launched in 2014 by the European Commission (EC) to help align non-financial reporting with the United Nations Sustainable Development Goals, with member states being required to bring the directive into their own national law by 2016.

Since then, CSR Europe, GRI and Accountancy Europe have published updates on the development of regulation for non-financial reporting within the member states based on the EC’s directive.

The directive represents a minimum standard for non-financial reporting to allow each member state a level of flexibility to implement it in a way which would be suitable to their local regulatory environment.

This flexibility allows for member states to increase the scope of the provisions to make more companies within their jurisdiction accountable to the directive. Despite this, few member states have decided to expand the directive to include a greater number of companies affected by the directive.

Most member states have followed the flexible nature of the directive to allow affected companies to choose their own reporting framework as opposed to imposing a set framework.

Member states have also remained flexible on where the non-financial report should be published. Approximately a third of member states have followed the directive’s default position; for the report to be contained within the management report.

In regards to assurance, a majority of member states have chosen the minimum standard contained in the directive. France and Italy are the only two member states that have chosen to require a higher level than what is proposed in the directive.

Top Content

    2018 Digital Accountancy forum and awards: Digital transformation

    The Accountant presents highlights from The Digital Accountancy Forum & Awards 2018 panel discussions

    read more

    2018 Digital Accountancy Forum and Awards: Tech deep dive

    The second panel session of the day saw experts discuss how new technologies should not just be seen as a threat, and could be used to improve accounting.

    read more

    Digital Accountancy Forum and Awards: The power of data

    The third panel discussion of the day saw panellists discuss some of the worries their clients have had, how to overcome them, and how data and technology are providing real business opportunities.

    read more

    Digital Accountancy Forum and Awards: The next generation

    With young people more mobile, and technology changing the industry rapidly, the final panel session of the Digital Accountancy Forum looked at how firms would need to adapt to the new reality

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.