A two-day virtual webinar was delivered by the CFRR on March 30 and 31, 2022 under two flagship regional programs: Strengthening Auditing and Reporting in the Eastern Partnership (STAREP) and the Road to Europe Program of Accounting Reform and Strengthening Institutions for Small and Medium Enterprises (REPARIS for SMEs).
The webinar was delivered in close cooperation with the European Commission (EU), the European Financial Reporting Advisory Group (EFRAG) and the European Securities and Markets Authority (ESMA) and the event aimed to:
- update about proposed amendments in the EU linked to corporate sustainability reporting, which relate to accounting, auditing, and disclosures and clarify what does the proposal mean for smaller companies. Sustainability reporting is a very broad discipline, ranging from jurisdictional requirements for companies to report on specific public policy objectives to investors’ need for global comparability of sustainability-related financial disclosures. The topic is very important, and it would help to develop a more sustainable and inclusive economic system.
- provide information on new EU sustainability-reporting standards to be developed by the European Financial Reporting Advisory Group and understand how the EU reporting standards will fit with global standards which International Sustainability Standards Board plans to develop.
- inform how the European Single Electronic Format is functioning, what are legal requirements for listed companies as well as enforcement challenges and impact.
- offer the opportunity to learn more on key issues with the current information on intangibles and provides an overview of the questions included in the Discussion Paper Better Information on Intangibles – Which is the best way to go? published by EFRAG. The Paper examines different approaches to enhance the current reporting and provide better information on intangibles. The discussion paper is open for comments, which are requested by 30 June 2022.
Participants had the opportunity to learn on recent EU developments from the first source. The event was attended by around 200 participants each day.