A 2021 proposal adopted by the European Commission that would amend the existing Non-Financial Reporting Directive (NFRD). The CRSD proposal takes several steps including extending sustainability reporting requirements under the NFRD to all large companies in the European Union, requiring assurance of reported information, expanding sustainability reporting requirements and mandating reported information to be digitally “tagged.” The first draft standards of the CSRD will be developed by the European Financial Reporting Advisory Group (EFRAG) and are expected to be adopted by October 2022.
