Brussels: The Association of Chartered Certified Accountants (ACCA) has officially supported the integration of the Corporate Sustainability Reporting Directive (CSRD) into national laws across European countries, emphasizing the urgency of this legal adherence to foster a sustainable future.

According to Association of Chartered Certified Accountants, the CSRD requires businesses to conform to the European Sustainability Reporting Standards (ESRS) by January 1, 2025, for large companies, with a broader application by 2028. These standards compel companies to report on societal and environmental impacts, ensuring transparency and accountability through audited statements.

Fiona Murray, Head of EU Public Affairs at ACCA, highlighted the directive as a pivotal advancement for the accounting profession and urged companies to assess their environmental footprints promptly. The directive’s phased approach starts with large corporations but will eventually include all businesses, enhancing the entire supply chain’s sustainability practices, from SMEs to multinational corporations.

The ACCA emphasizes the importance of providing all companies with the necessary support and expertise to develop robust sustainability strategies. This initiative not only aims to future-proof businesses but also to expand their growth opportunities and competitive edge both locally and globally.