Accountancy Europe calls for stability in reporting ecosystem and encourages the European Commission not to further dilute or politicise the ESRS. Read our statement
We released two analyses of the Omnibus Directive, highlighting key changes to EU sustainability reporting, assurance and due diligence rules
The three European Supervisory Authorities (ESAs) – ESMA, EBA, EIOPA – issued their opinions on the draft revised European Sustainability Reporting Standards (ESRS). The ESAs welcome the improved readability and structure, as well as the reduction of the volume of requirements in the ESRS. They unanimously expressed concerns on the reliefs introduced.
The European Securities and Markets Authority (ESMA) recommends addressing the following matters:
The European Banking Authority (EBA) reiterated their concerns related to introduction of permanent reliefs, proposing to provide a time limit. EBA encourages the EC to consider the combined effect of (i) the CSRD’s significantly reduced scope and the (ii) set of data to be reported under the amended draft ESRS when striking a balance between simplification and data availability.
The European Insurance and Occupational Pensions Authority (EIOPA) also recommends the introduction of a time limits for certain reliefs.
As next steps, the EC will consider ESAs opinions together with other submitted opinions by public bodies. The EC aims to adopt the revised ESRS via a delegated act by summer 2026.
Accountancy Europe recognises that EFRAG’s draft revised ESRS are easier, simpler and less granular. At the same time, there are challenging aspects that may be addressed with capacity building and in time.
Accountancy Europe calls for stability in the reporting ecosystem and suggests the European Commission does not further dilute the ESRS or subject it to political pressures.
The European Central Bank (ECB) published its opinion on the revised ESRS. The ECB welcomes the significant simplification and improved structure, while warning that the revision must not compromise the availability of high-quality data essential for financial stability.
ECB identified three critical areas for improvement:
The ECB also welcomes the mandate to adopt a limited assurance standard, supports that recommending the revised ESRS for voluntary reporting; emphasise the need for the EU sustainability reporting framework to remain fit for purpose and calls to preserve a clear pathway to the CSRD goals implementation.
The European Commission (EC) requested the Committee of European Auditing Oversight Bodies (CEAOB) to refocus its work on preparing a technical advice to be used for the Delegated Act (DA) adopting limited assurance standard.
The EC specifies that CEAOB’s technical advice should clearly identify add-ons and possibly carve-outs to ISSA 5000:
The deadline to submit the technical advice is 30 September 2026.
The EC launched two public consultations and calls for evidence to inform the EU climate policy framework after 2030. These consultations will feed legislative proposals due by the end of 2026. The consultations:
Stakeholders can respond by 4 May 2026.
The European Parliament (EP) adopted a corrigendum to the Omnibus I Directive during its February 2026 plenary session in Strasbourg.
The corrigendum ensures the legal and linguistic accuracy of the text before its final publication.
The Council is expected to formally approve the agreement on the Omnibus I Directive on 24 February. The Directive is expected to be published in the EU Official Journal.
The Economic and Financial Affairs Council (ECOFIN) exchanged on the current legislative proposals within financial services, including sustainable finance files. The Cyprus Presidency of the Council of the EU (Council) noted that:
Commissioner Maria Luís Albuquerque on SFDR:
She also urged Member States to transpose the ‘Stop the clock’ Directive, enabling companies to benefit from immediate alleviations in the sustainable finance framework.
ESMA published a table with the competent national authorities in the EU and EEA/EFTA states complying with the Guidelines on Enforcement of Sustainability Information (GLESI).
*In Denmark, only one competent authority will comply, while the other will not
The Hong Kong Accounting and Financial Reporting Council (AFRC) published a consultation paper proposing a new regulatory framework for sustainability assurance. The framework:
Stakeholders must submit their responses to the AFRC by 30 March 2026.
China’s Ministry of Finance and eight other departments jointly issued the Sustainability Disclosure Standard for Business Enterprises No.1 – Climate, built on the ISSB’s IFRS S2. This standard establishes a unified national framework for reporting climate-related impacts and risks.
