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Audio: Worldwide impact of CSRD - are you ready?
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- ESG Insights
Navigating #CSRD: Impact on Global Reporting #Sustainability Key Takeaways:
- CSRD sets extensive sustainability reporting requirements for global companies.
- Reporting starts as early as fiscal year 2024 for some firms.
- Opportunity for companies to showcase their sustainability journey.
Further Insights
Global Impact: The Corporate Sustainability Reporting Directive (CSRD) requires immediate attention, with significant implications for multinational companies, expanding the scope over the EU's Non-Financial Reporting Directive (NFRD).
Reporting Requirements: Extensive requirements cover environmental, social, and governance (ESG) topics, aimed at aligning sustainability reporting with financial reporting standards, with the European Sustainability Reporting Standards (ESRS) providing further clarity.
Scope and Timing: The directive's broad scope includes EU and non-EU headquartered companies with diverse effective dates starting fiscal year 2024, depending on the firm's circumstances, aimed to encompass nearly 50,000 companies.
Closing Thoughts: As the landscape of ESG reporting evolves, how prepared are businesses to not only meet the CSRD requirements but to use this opportunity to lead in sustainability practices and communication?