Accountancy Europe's statement provides targeted feedback on all of the European Commission’s ESRS revision requests. Read it now
Bartels shared early insights from the first year of CSRD and ESRS implementation at the European Parliament hearing
The European Parliament’s (EP) Committee on Economic and Monetary Affairs (ECON) MEPs tabled their amendments Omnibus proposals to amend certain corporate sustainability reporting and due diligence requirements. While JURI Committee is leading the negotiations on this file, other committees such as ECON have exclusive and shared competences.
At the committee meeting, ECON rapporteur for opinion Lewandowski (EPP, Poland) emphasised his party’s priorities, including raising the thresholds on scope to 3,000 employees, reducing ESRS data points, and supporting voluntary EU Taxonomy reporting. Some other amendments:
ECON vote is expected on 15 July 2025.
The European Parliament’s (EP) Legal Affairs (JURI) Committee hold a public hearing to exchange on reporting obligations on 13 May.
Wim Bartels, Chair of Accountancy Europe’s Sustainability Policy Group and member of EFRAG’s sustainability reporting board, spoke on behalf of Accountancy Europe discussing how to optimise reporting and assurance. Bartels shared early insights from the first implementation year of the Corporate Sustainability Reporting Directive (CSRD) and the European Sustainability Reporting Standards (ESRS). He noted that while the ESRS provide an essential framework, their complexity and granularity have posed challenges for preparers and auditors alike. Simplifications proposed by the European Commission (EC) were welcomed, particularly considering their relevance to assurance work (see key takeaways).
The EC’s representative announced plans to issue a delegated act (DA) providing a relief on value chain reporting for wave 1 companies. He also confirmed that the EC will adopt a recommendation for SMEs voluntary reporting, which will be based on EFRAG’s technical advice for voluntary SMEs reporting.
The Socialists & Democrats Group (S&D) in the EP is inviting feedback from stakeholders involved in implementing the CSRD and the Corporate Sustainability Due Diligence Directive (CSDDD).
Organisations, businesses, and professionals with hands-on experience in applying the new sustainability rules are encouraged to share their insights and challenges.
Submissions are open until 12 June.
The EU Ombudsman launched an inquiry into the EC’s alleged non-compliance with its better regulation guidelines underpinning the Omnibus simplification package. This follows a formal complaint submitted by a coalition of eight NGOs.
The EC called for feedback on the Sustainable Finance Disclosure Regulation’s (SFDR) review to cut red tape and improve its clarity and usability. Specifically, this review aims to:
The feedback period closed on 30 May, and the EC adoption is planned for the end of 2025.
EFRAG launched a call for tender to select a service provider to conduct a cost and benefit analysis (CBA) on the revised ESRS. It will support the EC’s objective to simplify ESRS, while ensuring quality disclosures. The selected provider will assess implementation costs and benefits, including potential burden reductions. The applications are open to eligible entities in European Economic Area (EEA) countries until 20 June 2025.
EFRAG released new resources for companies with fewer than 250 employees, including:
EFRAG issued its draft comment letter on the International Sustainability Standards Board’s (ISSB) Exposure Draft on IFRS S2 amendments on greenhouse gases (GHG) emissions. EFRAG seeks views from stakeholders on its draft until 19 June.
The European Central Bank (ECB) delivered an opinion on the EC’s Omnibus proposal amending certain corporate sustainability reporting and due diligence requirements, recommending:
The European Securities and Markets Authority (ESMA) launched a consultation on Draft Technical Standards (DTS) on authorisation, recognition, separation of activities, and disclosure obligations under the EU Regulation on the transparency and integrity of environmental, social and governance (ESG) rating activities. The consultation focuses on:
The consultation is open until 20 June 2025, while final standards are due to be sent to the EC by the end of October 2025.
The International Auditing and Assurance Standards Board (IAASB) approved the withdrawal of the International Standard on Assurance Engagement (ISAE) 3410 on greenhouse gas (GHG) statements. The International Standard on Sustainability Assurance (ISSA) 5000 also addresses assurance of GHG emissions. ISAE 3410 will no longer be applicable from the effective date of ISSA 5000, which is on or after 15 December 2026.
The IFRS Foundation issued new educational material on the measurement and disclosure of GHG emissions as per IFRS S2. The material includes answers to the following questions:
The latest International Federation of Accountants (IFAC), AICPA & CIMA’s study highlights a continued rise in assurance on sustainability reporting among the world’s largest companies.
In 2023, 73% of large G20 firms obtained assurance on sustainability disclosures, up from 69% in 2022 and 51% in 2019. GHG emissions remain the most assured area, with limited assurance still prevailing.
Audit firms are the leading sustainability assurance providers, handling 55% of engagements globally. While this marks a slight decline from 58% in 2022, the drop reflects structural changes in reporting practices, such as report consolidation in the EU, rather than a decrease in activity.
France transposed the EU’s “Stop-the-Clock” directive through the newly adopted DDADUE 2025 law (Law No. 2025-391). The French law defers the CSRD sustainability reporting for many companies, postponing obligations to 2028 for large non-listed firms and 2029 for listed SMEs.
DDADUE also allows some reporting omissions and relaxes some penalties for non-compliance with sustainability obligations.
The latest ACCA Global Talent Trends report, drawing on responses from over 10,000 professionals across 175 countries, offers timely insights into the evolving global workforce.
Among the others, the key findings for Europe are:
These trends are relevant to many EU policy priorities, including the competitiveness agenda, the Omnibus package, and the EU Union of skills.
Read the full Global Talent Trends report
Read the Europe-specific trends
The Financial Reporting Council (FRC) issued a consultation on ISSA (UK) 5000, a proposed UK version of the international sustainability assurance standard. It is designed for:
The FRC invites stakeholders to submit comments until 31 July 2025.
EBA
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IFRS
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ShareAction
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WeAreEurope
Study - What do companies really expect from omnibus and CSRD?
