Philipp Killius

🌍 𝗧𝗵𝗲 𝗖𝗼𝗿𝗽𝗼𝗿𝗮𝘁𝗲 𝗦𝘂𝘀𝘁𝗮𝗶𝗻𝗮𝗯𝗶𝗹𝗶𝘁𝘆 𝗥𝗲𝗽𝗼𝗿𝘁𝗶𝗻𝗴 𝗗𝗶𝗿𝗲𝗰𝘁𝗶𝘃𝗲 (𝗖𝗦𝗥𝗗) 𝗺𝗮𝗻𝗱𝗮𝘁𝗲𝘀 𝘀𝘁𝗮𝗻𝗱𝗮𝗿𝗱𝗶𝘇𝗲𝗱 𝘀𝘂𝘀𝘁𝗮𝗶𝗻𝗮𝗯𝗶𝗹𝗶𝘁𝘆 𝗿𝗲𝗽𝗼𝗿𝘁𝗶𝗻𝗴 𝗮𝗰𝗿𝗼𝘀𝘀 𝗘𝘂𝗿𝗼𝗽𝗲. 📊 The European Financial Reporting Advisory Group (EFRAG) developed the European Sustainability Reporting Standards (ESRS) with comprehensive disclosure requirements. 🌱 A significant step towards transparency and accountability. 💼 🔗 Visit our page to learn more: https://lnkd.in/esEG2WTf OR contact Frans Kuys for more information. #Sustainability #CSRD #ESRS #Transparency #Accountability

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📣 CSRD/ESRS/EU Tax news for SMEs 📣 The EU Platform on Sustainable Finance now shared their respons with EFRAG on SMEs simplified reporting on #EUTaxonomy eligability and #CSRD and #ESRS reporting. 🇪🇺🌍💶 It is key for midsized and small business to focus on the most prioritized aspects and to keep the reporting process as lean as possible not to get lost in the process and try to replicate the work needed by larger entities and organisations. Read carefully and tailor your journey towards compliance. Make sure to make the process value adding and use it to drive cost efficiencies, raise quality and long term resilience. Also, building new partnerships and drive innovation. Sara Bruhn Johan Sarasalo Mike Demerzhan, CPA, CIA Brady Reynolds Emelie Martinell Annie Welin Annie Sebelius ♦️ Sofia Bergkvist Pernilla Zetterström Varverud Maja Bjuggstam Sofie Gidlund Elisabeth Simon Annika Nygren Carin Forsström Monika Wannholm

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The sustainability reporting interoperability guidance that we've all been waiting for... just how tricky is it to comply with both the new European Sustainability Reporting Standards (ESRS) and the International Sustainability Standards Board (ISSB) Standards... this guidance reassures and provides a clear mapping between the standards. The guidance is also useful as it sets out how ESRS disclosures are much more comprehensive, and are in effect ISSB disclosures + impact disclosures. Interesting times! And be careful - not all "Sustainability reports" are made the same way.

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💡 End of August, EFRAG published the XBRL Taxonomy for European Sustainability Reporting Standards (ESRS) Set 1 (i.e. for the ESG information that is likely to be material regardless of the sectors companies operate in). This taxonomy will enable the digital tagging of ESRS statements and provides the basis for the European Securities and Market Authority (ESMA) to develop Regulatory Technical Standards (RTS) for tagging the ESRS sustainability statement. ❗ N.B. digital tagging of ESRS will NOT be mandatory for companies until the EC adopts the XBRL taxonomy as part of the ESEF RTS that will be prepared by ESMA. However, EFRAG encourages interested stakeholders to use the XBRL taxonomy as of now for the preparation of human-readable ESRS statements and suggests companies to consider tagging their ESRS statement on a voluntary basis. I would add that even companies, which do not fall under the scope of the Corporate Social Responsibility Directive (CRSD), should consider using this tagging as a way to share their commitment to ESG with their stakeholders. Indeed, XBRL (eXtensible Business Reporting Language) taxonomies are crucial for structured digital reporting. They serve as dictionaries that define business concepts and facilitate the tagging of data, making it machine-readable and easily comparable across organizations. Added value of XBRL taxonomies: ▶ Standardization of Reporting: the Digital Tagging process enhances the clarity and accessibility of reports, allowing for automated data extraction and analysis. ▶ Comparability and Consistency: reports become comparable across different organizations and reporting periods. This consistency is vital for stakeholders, such as investors and regulators, who need to evaluate performance based on standardized metrics. ▶ Regulatory Compliance: utilizing XBRL taxonomies helps organizations meet regulatory requirements effectively, reducing the risk of penalties associated with non-compliance. 🔗 More information and relevant links available here: https://lnkd.in/eGuCBSdd #csrd #esgreporting #digitaltagging

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“Just transition is relevant for [companies] to consider in relation to disclosures on transition plans for climate change mitigation.” Yes, well said European Financial Reporting Advisory Group - we agree! Check out EFRAG's newly released draft implementation guidance related to transition plans for climate change mitigation. This guidance, when finalised, will provide support for companies implementing transition plans as mandated by the European Sustainability Reporting Standards (ESRS). Flip to page 15 for the report's section on just transition in the context of transition plans 📖 Link to report: https://lnkd.in/emvahmHp

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If you're impacted by the #CSRD, you’ll find this information relevant 👉 EFRAG has published the third set of technical explanations to assist stakeholders in the implementation of the European Sustainability Reporting Standards (#ESRS). The explanations comprise 44 items and are grouped in chapters according to their nature (Cross-cutting, Environment, Social, or Governance) and their Disclosure Requirements, following the ESRS’ architecture. https://lnkd.in/en7whjpa #ESG #Reporting #Sustainability

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The EU's Corporate Sustainability Reporting Directive (CSRD) is set to reshape the global corporate reporting landscape. Many Swiss companies doing business in the EU bloc are directly or indirectly affected by CSRD and need to prepare accordingly. Read the full newsletter by our authors Andreas Hösli and Daniel Dedeyan here: https://lnkd.in/dwwmHjQd #ESGUpdate #ESGLaw #WalderWyssNewsletter

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Environmental, social, and governance factors are crucial for management remuneration in Germany. In our latest market study, we analyse policies and reports from 100 companies in the DAX, MDAX, and TecDAX indices to uncover the complex interplay between ESG and management remuneration. Explore the findings: https://okt.to/EoA4hs

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Voluntarily applying #ISSB Standards—A guide for preparers The IFRS Foundation announced the publication of a new guide aimed at helping companies to voluntarily apply the International International Sustainability Standards Board (ISSB) recently issued #climate and #sustainability-related disclosure standards and communicate their progress to investors. ESG Today https://lnkd.in/e5UhdJNB https://lnkd.in/eqHJP2W4

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Urban trees are nice-looking “natural air conditioners” that make their surroundings look even nicer without polluting the environment. Would you like to hear the constant drumming of stop-and-go compressors that emit heat or ruffling of leaves in gentle breezes that release oxygen? The choice seems so obvious but yet so hard to make. Again, it is the proverbial trade off between short-term pain vs long-term gain.

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📣 Is the EU’s Corporate Sustainability Reporting Directive (#CSRD) becoming the global gold standard? Switzerland's recent proposal to align its sustainability reporting regulation with the CSRD marks a significant step towards international convergence around the European Sustainability Reporting Standards (#ESRS). Adding another ~5,000 companies to the already ~60,000 international companies impacted by CSRD. With increasing global adoption, is the CSRD setting the benchmark for sustainability reporting worldwide? 🌍📊 To come up to speed on what the CSRD is and how to ensure compliance with this complex sustainability regulation, check out our guide to CSRD compliance 👉 https://hubs.ly/Q02DY_v10 #SustainabilitySolved #Sustainability #Reporting #CSRD

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Seems, that #GRI and #ESRS will either very closely cooperate, or will be merged. So that the world will use ESRS in EU and #IFRS S1/S2/SX (and their derivatives) in other parts of the world. #Sustainability reporting is moving towards a unified approach. Do you agree?

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ESGin3: Sustainability standards and materiality (https://lnkd.in/e7F2KS54) Recent developments in strategic relationships between #ISSB and each of the Transition Plan Taskforce (TPT), Greenhouse Gas Protocol (GHG Protocol), CDP, Taskforce on Nature-related Financial Disclosures (TNFD) and Global Reporting Initiative (GRI) illustrate how collaboration is key to driving harmonization of sustainability standards and frameworks. And harmonization can be key to accelerating progress around 𝘪𝘯𝘵𝘦𝘳𝘰𝘱𝘦𝘳𝘢𝘣𝘪𝘭𝘪𝘵𝘺 of standards and future 𝘦𝘲𝘶𝘪𝘷𝘢𝘭𝘦𝘯𝘤𝘦 considerations (see my prior LinkedIn post on these topics here: https://lnkd.in/eDrxKsiq). Additionally, building off the momentum of the ISSB and #EFRAG interoperability table published in May, EFRAG released a mapping tool (https://lnkd.in/eJs3MjU5) that shows where the TNFD and European Sustainability Reporting Standards (#ESRS) overlap. At the foundation of sustainability standards is materiality determination criteria, and #IFAC (https://lnkd.in/e6xgisK6) also recently reinforced the importance of a robust materiality assessment in accordance with recognized standards and reporting criteria as a critical step in moving from voluntary to regulated sustainability reporting in a manner that will withstand required independent assurance. Our recent Deloitte Heads Up 𝘜𝘯𝘱𝘢𝘤𝘬𝘪𝘯𝘨 𝘵𝘩𝘦 𝘋𝘰𝘶𝘣𝘭𝘦 𝘔𝘢𝘵𝘦𝘳𝘪𝘢𝘭𝘪𝘵𝘺 𝘈𝘴𝘴𝘦𝘴𝘴𝘮𝘦𝘯𝘵 𝘜𝘯𝘥𝘦𝘳 𝘵𝘩𝘦 𝘌.𝘜. 𝘊𝘰𝘳𝘱𝘰𝘳𝘢𝘵𝘦 𝘚𝘶𝘴𝘵𝘢𝘪𝘯𝘢𝘣𝘪𝘭𝘪𝘵𝘺 𝘙𝘦𝘱𝘰𝘳𝘵𝘪𝘯𝘨 𝘋𝘪𝘳𝘦𝘤𝘵𝘪𝘷𝘦 provides really important practical insights on performing a double materiality assessment in accordance with #CSRD and ESRS, with consideration to the #SEC Climate Disclosure Rule and ISSB standards and related materiality criteria as well. A few key points: 1. 𝗣𝗿𝗮𝗰𝘁𝗶𝗰𝗮𝗹 𝗶𝗻𝘀𝗶𝗴𝗵𝘁𝘀: There are four general steps to consider when conducting a #DMA process and related internal controls. Judgment is required to design a process that (1) is in compliance with the standards and (2) reflects the entity’s specific facts and circumstances. Several examples are included to illustrate practical decision-making considerations. 2. 𝗔𝘀𝘀𝘂𝗿𝗮𝗻𝗰𝗲 𝗿𝗲𝗮𝗱𝗶𝗻𝗲𝘀𝘀: A key step in obtaining assurance over an entity’s CSRD compliance is to capture management’s judgments and conclusions in writing throughout the DMA process. 3. 𝗜𝗻𝘁𝗲𝗿𝗽𝗹𝗮𝘆 𝘄𝗶𝘁𝗵 𝗦𝗘𝗖 𝗮𝗻𝗱 𝗜𝗦𝗦𝗕: While the guidance on financial materiality in ESRS and in the SEC’s definition of materiality are different, many of the underlying concepts are generally similar and, in many cases, overlapping. However, the double materiality approach under ESRS further requires companies to disclose matters that may be material from an impact perspective. And EFRAG and the ISSB noted that their guidance is aligned in terms of financial materiality. #deloitteesgnow

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Nearly Two-Thirds of Companies not yet Reporting Climate-Related Financial Impact on Financial Statements: EY 14.11.2024 - Investoren Plattform News: Impact Companies globally are only incrementally improving the quality of their climate-related disclosures, with only around a third referencing the climate-related financial impact on their financial statements, and nearly sixty percent not yet disclosing transition plans, according to a new study released by global professional services firm EY. The study also found that to date, most […] und mehr als 9.800 weitere Artikel finden Sie unter: https://lnkd.in/ewJuFEcH

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The new European Sustainability Reporting Standards (ESRS) are approaching. Our latest article offers a clear guide on what to expect and how to prepare: https://bit.ly/40uq106 #ESRS #Sustainability #ESGReporting

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Managing expectations as we all move forward

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💡 The introduction of the European Sustainability Reporting Standards (#ESRS) marks a pivotal shift in corporate accountability across Europe. As part of the #CSRD, these standards aim to harmonise #SustainabilityReporting, ensuring transparency in #ESGData. Companies across the EU are now required to disclose comprehensive sustainability data, fostering responsible business practices and aligning with the European Green Deal. Read this article to explore the ESRS, the timeline of the reporting standards, and what to expect next from the framework: 👉 https://ow.ly/VZQf50To3ls

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Great summary on interoperability progress and double materiality insights!

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