Accountancy Europe launches SME sustainability reporting hub
Accountancy Europe has launched a dedicated online hub to help small and medium-sized enterprises (SMEs) navigate the sustainability reporting landscape. Bringing together useful guidance, tools and resources in one place, the hub is designed to ease the adoption of the Voluntary Sustainability Reporting Standard for SMEs (VSME).
The hub arrives a few months in advance of VSME. While the VSME is a voluntary, simplified standard developed by the European Financial Reporting Advisory Group (EFRAG), it is expected to become the legal de facto reporting standard and value chain cap for all entities with fewer than 1,000 employees from its inception on 19 July.
Practically, this means that once in force, it will set a ceiling on the sustainability information that larger companies can legally request from their SME value chain partners. That means that, voluntary or not, it is key for SMEs and their accountants to become familiar with this standard.
Among the resources compiled in the hub is EFRAG’s Excel-based VSME reporting template, which includes an XBRL taxonomy tool that allows for digitisation of VSME disclosures, helping make the reporting information more useful. The hub also includes the standard itself, guidance, and links to EFRAG’s resources for SMEs.
Find it all here.
