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March 19, 2014

JURI likely to pass non-financial reporting reform

The Committee on Legal Affairs (JURI) of the European Parliament is likely to pass tomorrow an amendment to the Accounting Directive, which would introduce mandatory non-financial and diversity reporting, The Accountant has learned.

These amendments include adding a description of diversity policy for administrative, management and supervisory bodies on topics such as age and gender to corporate governance statements.

The planned rules will apply to public listed entities with over 500 hundred employees, of which there are reported to be about 6,000 in the European Union (EU).

The agreement was the result of intense negotiations in the European Committee of Permanent Representatives (COREPER) in February, which also agreed that any updates to country-by-country tax reporting would be based off a European Commission report on the topic due in 2018.

If the proposal passes through JURI, it will be put before the plenary of the European Parliament in mid-April and the EU Council for approval before coming into force.

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EU agrees on non-financial and diversity reporting rules

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