Beyond the GAAP No. 170 - October 2022
On 28 October, the EU’s financial markets regulator, ESMA, published its European Common Enforcement Priorities for the annual financial and non-financial reporting for 2022.
Unsurprisingly, ESMA expects full transparency from issuers in their 2022 financial statements on the various material impacts of climate-related matters, the war in Ukraine and the current macroeconomic environment. As regards non-financial reporting, climate-related matters are the key focus, with increased disclosure requirements on the horizon under the upcoming Corporate Sustainability Reporting Directive (CSRD). 2022 is also the first year for which quantitative data is required on the taxonomy alignment of entities’ activities under Article 8 of the Taxonomy Regulation.
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