The European Banking Authority (EBA) published the technical package for phase 2 of version 3.3 of its reporting framework. The technical package provides standard specifications and includes the validation rules, the Data Point Model (DPM) and the XBRL taxonomies for this phase of version 3.3.
The accurate reporting of greenhouse gas emissions is essential for driving sustainability in both countries and corporations, argues Liv Watson (senior digitisation advisor for Capitals Coalition) and Marian Van Pelt (senior vice president of climate and clean energy at ICF International) in a recent article.
Accountancy Europe has expressed its support for the European Sustainability Reporting Standards (ESRS) as a critical tool in promoting relevant and verifiable information for sustainable business models.
The International Financial Reporting Standards (IFRS) Foundation is taking over monitoring companies’ progress in climate-related disclosures.
The UK’s Financial Reporting Council (FRC) has released its annual inspection and supervision results for the largest audit firms, including BDO, Deloitte, EY, Grant Thornton, KPMG, Mazars, and PwC. The report reveals that 77% of audits inspected were deemed good or required only limited improvement, representing a consistent year-on-year improvement over the past four years.
The European Securities and Markets Authority (ESMA) has found that disclosures of costs and charges under MiFID II do not always meet the quality levels required. The findings of its 2022 Common Supervisory Action (CSA) and mystery shopping exercise showed that most firms demonstrate compliance with the ex-post cost and charges requirements.
The International Federation of Accountants (IFAC) has submitted feedback on the European Commission’s (EC) European Sustainability Reporting Standards (ESRS), emphasising the importance of transparency and interoperability to support a global reporting system and avoid regulatory fragmentation.
In a recent article Australian Securities and Investments Commission (ASIC) deputy chair Karen Chester outlines the importance of effective disclosure to increase investor confidence in sustainability data. While ASIC have taken a proactive approach with existing regulatory tools, Karen Chester writes that “ultimately, only meaningful, responsible and transparent disclosure will effectively combat greenwashing practices.”
In a public meeting of the European Financial Reporting Advisory Group’s Sustainability Reporting Board (EFRAG SRB) held in early July, Commissioner Mairead McGuinness outlined areas of attention for the EFRAG Sustainability Reporting Pillar.
FactSet, a global financial digital platform and enterprise solutions provider, has announced its acquisition of idaciti, Inc., a leader in data structuring and collection technology. The transaction was completed on 11 July 2023.
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