Newsletter "Beyond the GAAP" | Issue no. 205 (2025)

This month, regulatory developments in the field of sustainability were marked by the final adoption, by the European co-legislators, of a compromise text on the ‘Content’ Directive. This is part of the Omnibus I package, aimed at simplifying CSRD requirements on sustainability reporting and the CSDDD on due diligence.

December's agreement marks the end of a legislative process that began in February 2025. This issue of Beyond the GAAP reviews the key points of this compromise. The adopted directive is expected to be published in the Official Journal of the EU (OJEU) in March 2026. Member States will then have twelve months from its entry into force (twenty days after publication in the OJEU) in which to transpose the directive into national law. The revised CSRD will apply to financial periods commencing on or after 1 January 2027.

IFRS highlights:

IAS 28: future amendments to the Fair Value Option.
Final endorsement of the new Taxonomy Delegated Regulation.
EFRAG consultation on Connectivity of Financial and Sustainability Reporting.
Omnibus Package 1: final approval of the ‘Content’ Directive by the European Parliament.
EFRAG publishes the basis for conclusions for the draft amended ESRS and four other documents supplementing the technical advice.

The disclosures presented are not exhaustive as the IASB publications and its advisory bodies but intend to emphasize the main highlights.

We hope that this Forvis Mazars Newsletter will be useful, according to the reality and needs of each one, and enables to alert readers to the topics mentioned.

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