On 10 April 2024, the European Parliament (EP) issued a press release confirming that MEPs have approved delaying sector specific sustainability reporting standards, as well as general reporting standards for non-EU companies.

The press release outlined that:

  • Sector specific standards for EU companies and general standards for non-EU companies are to be adopted in 2026, as opposed to 2024.
  • Reporting timelines do not change, however less reporting is required as the later adoption of sector specific standards for EU companies affects the extent of reporting. This is because the section on particular impact in their area of activity will not be required before 2026.
  • The European Commission will endeavour to publish sector specific sustainability reporting standards for eight non-specified areas before the deadline.

Following the plenary vote, lead MEP Axel Voss said “We will delay the deadline for sector specific standards under the Corporate Sustainability Reporting Directive (CSRD) by two years in order to give European Financial Reporting Advisory Group the time to develop quality standards and give companies the time to put them into practice. Companies have been putting up with too much bureaucracy in years of crisis, from Covid to inflation.”

Next steps

The text must be formally approved by the Council of the EU before being published in the Official Journal of the EU.