The implementation obligation by companies, which had been set in the European Commission text 1 January 2023 for large companies and 1 January 2026 for listed SMEs have been revised and postponed by the European Parliament:
- Transposition by the Member States within 18 months after the entry into force of the Directive;
- Other large companies from 2025 with publication of the report in 2026;
- Enterprises defined as public interest entities, already drawing up the dnf today, will apply the new directive in 2024 with publication of the report in 2025;
- Listed SMEs from 2026, with publication of the report in 2027. SMEs will also have the option of choosing not to do so in 2026 but in 2027 with publication in 2028;
- Extension to non-European companies: the sustainability reporting obligation applies to all companies that generate net sales and service revenues of more than EUR 150 million in the EU and have at least one subsidiary or branch in the EU;
- Certification requirement: disclosures must be certified by an auditor or accredited independent certifier;
- 23 November should be the date of formal approval of the directive in the Council and subsequent publication in the Official Journal of the European Union, which will enter into force 20 days after publication;
- By the end of 2022, draft general standards prepared by Efrag for sustainability reporting will be published;
- In the second half of 2023, sectoral standards and ad hoc standards for SMEs will be published.
