The guide “Corporate Sector Financial and Sustainability Accounting, Reporting and Auditing in the EU Acquis Communautaire” is the fourth edition of the guide which was  first issued in 2007. It provides an overview of EU policy for policymakers, regulators, and stakeholders in Member States, enlargement countries, and the “European Neighborhood.” It is essential for understanding EU standards and regulatory models.

Countries working with the Centre for Financial and Sustainability Reporting Reform (CFRR) aim to deepen their integration with the EU, which requires regulatory and institutional convergence. This guide supports such efforts, offering insights into the main policies and legislation relevant to corporate financial and sustainability reporting reforms.
The guide summarizes the EU corporate financial reporting framework, including the 2022 Corporate Sustainability Reporting Directive from the EU's Green Deal, which integrates sustainability and financial reporting. Starting January 1, 2025, large companies and state-owned enterprises must report on sustainability according to 12 mandatory European Sustainability Reporting Standards. The EU is pioneering mandatory sustainability reporting and assurance while seeking simplifications to reduce compliance costs.

The guide reviews the European Commission's recent reflections on financial reporting and suggests future developments in accounting, auditing, and sustainability reporting. The Competitiveness Compass, announced in January 2025, aims to harmonize EU rules, simplify regulations, reduce the reporting burden by 25%-35%, use digital formats for seamless interactions, accelerate standard-setting processes, and deepen capital markets. These initiatives will significantly impact corporate sector sustainability reporting and auditing frameworks. The Commission's February 2025 package of proposals to simplify sustainable finance reporting and EU taxonomy will further influence these frameworks, and the guide will be updated accordingly.