Reporting for the Corporate Sustainability Reporting Directive (CSRD)

Financial Reporting Software for Sustainability Reporting

Reporting for the Corporate Sustainability Reporting Directive (CSRD)

Financial Reporting Software for Sustainability Reporting

The new EU Sustainability Reporting Standard

The EU has replaced the legacy ESG reporting framework, the Non-Financial Reporting Directive (NFRD), with the Corporate Sustainability Reporting Directive (CSRD). The CSRD aims to elevate sustainability reporting to the same level of quality and control as financial reporting. The new directive will gradually come into effect over the next few years with the first CSRD disclosures in 2025, using 2024 data.

The CSRD significantly expands the scope of the NFRD, covering over 50,000 organisations. The regulations also extend to approximately 10,000 non-EU companies with significant operations in Europe. Building upon the foundations laid by the NFRD, the CSRD goes beyond carbon emissions and addresses other critical environmental factors, such as pollution, water, waste, and biodiversity. These disclosures will need to be included in annual reports alongside financial information and will be subject to audit assurance.

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The new EU Sustainability Reporting Standard

The EU has replaced the legacy ESG reporting framework, the Non-Financial Reporting Directive (NFRD), with the Corporate Sustainability Reporting Directive (CSRD). The CSRD aims to elevate sustainability reporting to the same level of quality and control as financial reporting. The new directive will gradually come into effect over the next few years with the first CSRD disclosures in 2025, using 2024 data.

The CSRD significantly expands the scope of the NFRD, covering over 50,000 organisations. The regulations also extend to approximately 10,000 non-EU companies with significant operations in Europe. Building upon the foundations laid by the NFRD, the CSRD goes beyond carbon emissions and addresses other critical environmental factors, such as pollution, water, waste, and biodiversity. These disclosures will need to be included in annual reports alongside financial information and will be subject to audit assurance.

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European Sustainability Reporting Standards

Companies subject to the CSRD will have to report according to the technical standards known as European Sustainability Reporting Standards (ESRS) which outline four disclosure sections.

Cross-cutting:(ESRS 1) General principles; (ESRS 2) General, strategy, governance, and materiality assessment.
Environment:(ESRS E1) Climate change; (ESRS E2) Pollution; (ESRS E3) Water and marine resources; (ESRS E4) Biodiversity; (ESRS E5) Resource use and circular economy.
Social:(ESRS S1) Own workforce; (ESRS S2) Workers in the value chain; (ESRS S3) Affected communities; (ESRS S4) Consumers and end-users.
Governance:(ESRS G1) Governance, risk management, and internal control; (ESRS G2) Business conduct.

Report Authority can be used to automate the production of your ESG disclosures, annual financial statements and ESEF Reporting.

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ESG Reporting Software

CSRD ESRS

Report ESEF and ESG disclosures
Automate the production of your annual financial statements and ESG disclosures
Link to data from OneStream, Oracle HFM & Essbase, and Excel
XBRL tag using a simple drag-and-drop interface, AutoTag, suggested tags and advanced search functionality
Identify and resolve tagging errors with interactive validation results
Export to a variety of formats such as PDF, Word and xHTML

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EBA ESG PIllar 3

EBA ESG Pillar 3 template generation
Generate and import Excel versions of the templates
Interactive validations results
Automatic calculations
Connect to data in OneStream
Connect to data in Oracle EPM (HFM & Essbase)
Import data from SQL
Migrate mappings and data between different taxonomy versions
Generate XBRL instance documents

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Which Companies Need to File ESG Reports Under CSRD?

Under the new CSRD, approximately 50,000 EU companies will be required to disclose their sustainability practices. The directive covers the following entities:

1. All large undertakings: EU companies or EU subsidiaries of non-EU companies that meet at least two of the following criteria:

Turnover exceeding €40 million
Balance sheet total above €20 million
More than 250 employees

2. All listed companies: This includes small and medium-sized enterprises (SMEs) that offer securities on EU-regulated markets. Although listed micro-undertakings are excluded, they have the option to voluntarily comply with the provisions.

3. Third-country companies: Non-European companies with at least one subsidiary (large or listed) or branch generating a net turnover of €150 million or more must provide a sustainability report.

When Will CSRD Mandate Rules Apply?

For companies already subject to NFRD, the transition to CSRD will begin in 2024, with the first reporting period commencing in 2025. New companies falling under CSRD will follow a phased approach:

• Large undertakings will be subject to CSRD from 2025, with the first report due in 2026.
• SMEs will be subject to CSRD from 2026, with the initial reporting obligation starting in 2027. However, SMEs have the option to opt out until 2028 during the transition period.
• Non-EU companies will be subject to CSRD from 2028, with reporting obligations commencing in 2029.

iXBRL enabled report writer for reporting:

ESMA ESEF
UK HMRC
Irish Revenue
Danish Business Authority
and many others

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XBRL Reporting Software for reporting:

EBA CRD V (COREP & FINREP)
EIOPA Solvency II
Single Resolution Board
National Banking and Insurance XBRL Reporting

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XML Reporting Software for reporting:

AIFMD
FATCA/CRS
Country by Country Reporting
MiFID II
and many others

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