- The European Commission has adopted the European Sustainability Reporting Standards (ESRS) to provide guidance for companies within the scope of the EU Corporate Sustainability Reporting Directive (CSRD).
- The CSRD requires companies to disclose material environmental, social, and governance (ESG) impacts, as well as risks and opportunities connected with their upstream and downstream value chains.
- The CSRD applies to large undertakings based in the European Union, including subsidiaries of US parent companies, as well as small and medium-sized undertakings (SMEs) that are subsidiaries of US-based companies with debt or equity securities listed on a regulated market in the European Union.
- The CSRD aims to increase the breadth of nonfinancial information reported by companies and to ensure that the information reported is consistent, relevant, comparable, reliable, and easy to access.
Source Deloitte
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