Topic: IFRS, Auditing & Accounting

News from the AGN EMEA Accounting, Auditing & Education Committee (AAEC)

ESRS G1 Business Conduct emphasizes ethical behavior, integrity, and compliance with laws and regulations in all business interactions and operations. But, how important is ESRS G1 Business Conduct in relation to other European Sustainability Reporting Standards (ESRS)?

News from the AGN EMEA Accounting, Auditing & Education Committee (AAEC)

The materiality analysis is the “linchpin” of future Corporate Sustainability Reporting Directive (CSRD)/European Sustainability Reporting Standards (ESRS) sustainability reporting.

News from the AGN EMEA Accounting, Auditing & Education Committee (AAEC)

As it did with the EU Taxonomy Regulation, we question whether the EU Commission is now “greenwashing” CSRD sustainability reporting.

After the European Financial Reporting Advisory Group (EFRAG) “expert group” submitted its drafts on Set 1 of the European Sustainability Reporting Standards (hereinafter EFRAG-ESRS) to the EU Commission in November 2022, the Commission published its revised versions on June 9, 2023 (hereinafter EU-Com.-ESRS) and put them out for public consultation.

Contributed by: Windham Brannon.

On Sept. 14, 2023, the Internal Revenue Service (IRS) announced a moratorium on processing new Employee Retention Credit (ERC) claims effective Sept. 14, 2023, to Dec. 31, 2023. The moratorium comes with continued mounting concern regarding questionable ERC claims and potential scammers, as well as concerns from tax professionals. Now that the moratorium is here, what should the next move be for taxpayers who already filed their ERC claim?

News from the AGN EMEA Accounting, Auditing & Education Committee (AAEC)

The European Sustainability Reporting Standards (ESRS) emphasise the importance of stakeholders for sustainability activities:

News from the AGN EMEA Accounting, Auditing & Education Committee (AAEC)

Sustainability reports must be audited in the future. The audit result must contain statements regarding the following:

• Compliance with the CSRD and the ESRS (including the process for identifying reportable information).
• Compliance with Article 8 of the EU Taxonomy Regulation.
• Compliance with the ESEF Regulation with regard to disclosure in the ESEF format.

News from the AGN EMEA Accounting, Auditing & Education Committee (AAEC)

In this article, Carsten Ernst – AGN’s expert in financial (IFRS) and sustainability (ESRS and GRI) reporting, explains some important terminology in the European Sustainability Reporting Standards (ESRS), which are prepared by the European Financial Reporting Advisory Group (EFRAG).

The EFRAG must follow the guidelines of the CSRS. The European Commission adopts the ESRS and reviews them at least every three years.

News from the AGN EMEA Accounting, Auditing & Education Committee (AAEC)

If the EU Commission asks the European Financial Advisory Reporting Group (EFARG) to square the circle, history will repeat itself, and Mr Eccles was unfortunately wrong! In this newsletter, we hear what Carsten Ernst, AGN’s expert in financial (IFRS) and sustainability (ESRS and GRI) reporting thinks of the situation. What is likely to happen? How will EFRAG deal with this?

News from the AGN EMEA Accounting, Auditing & Education Committee (AAEC)

In previous newsletters, Carsten Ernst – AGN’s Expert in financial (IFRS) and sustainability (ESRS and GRI) reporting, explained the EU Taxonomy Regulation, Taxonomy-Eligible Activities, and Taxonomy-Aligned Activities. This month, he addresses Taxonomy Quotas, including turnover, capital expenditures and operating expenses.

News from the AGN EMEA Accounting, Auditing & Education Committee (AAEC)

The March newsletter addressed the Procedure for Taxonomy-eligible Activities. In this newsletter, Carsten Ernst – AGN’s Expert in financial (IFRS) and sustainability (ESRS and GRI) reporting, focuses on Taxonomy-aligned Activities. Does the economic activity contribute substantially to achieving one of the six environmental objectives? Does the economic activity result in no significant harm to the environmental objectives? Are the minimum safeguards according to Article 18 of the Environmental Taxonomy Regulation complied with?