Beyond the GAAP no. 204 – November 2025
This month, sustainability reporting has been in the spotlight in many news stories. On 3 December, after several months of intensive work involving all stakeholders, EFRAG submitted its technical opinion on the revised draft of the European Sustainability Reporting Standards (ESRS) to the European Commission (EC). The EC must now take this into account in preparing a new delegated act on the ESRS (“Set 2”), which will replace the act from July 2023 (“Set 1”), which continues to apply to wave 1 companies for the 2025 financial year.
On the European Taxonomy side, the rejection on 3 December by the European Parliament of a motion objecting to the new Delegated Regulation makes a scenario of non-objection to this text plausible before the review deadline (4 January 2026). However, its entry into force following publication in the Official Journal of the EU is expected to occur after its planned application date (1 January 2026). In this context, the European Commission could issue a public statement before then to confirm that companies may apply this new Regulation in their reporting published from 1 January 2026 onwards.
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