Data Amplified Virtual 2022: What Does CSRD Mean For Filers?
December 16, 2022
With the Corporate Sustainability Reporting Directive (CSRD) recently passing into EU law, at Data Amplified Henrik Sandin, Director and principal ESG Specialist at Workiva, shared his insights into what this is going to mean for filers in upcoming years.
The key factors to pay attention to with the CSRD, according to Sandin, are the introduction of integrated reporting, assurance, European sustainability reporting standards (ESRS), and electronic tagging. But what do these aspects mean for firms, and how will they interact?
One element Sandin highlighted is that the CSRD is going to see significant disruption to current reporting processes and controls – the mandate means new processes will need to be put in place in order to reconcile financial and non-financial data. The quality and verifiability of data gathered will increase as the requirement for assurance results in a stronger need for oversight over data within the reporting process. The ESRS and XBRL tagging will mean an increase in data points reported upon, resulting in more meaningful, trustworthy data, and improving the accessibility of reports.
To find out more details please visit : https://xbrl.org/