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EU Pushes Timeline for Leadership on Sustainability Accounting

Aug. 31, 2021, 8:45 AM

The EU is rushing its development of mandatory sustainability reporting standards for companies, seeking to squeeze into two years a process that often drags on for a decade or more.

“It’s a very ambitious timescale,” said Saskia Slomp, CEO of the EU’s accounting adviser, the European Financial Reporting Advisory Group.

The challenge for the EU bureaucracy, never known for its nimbleness, is daunting. It was only in June 2020 that the European Commission asked Efrag to look into preparatory work for possible reporting standards on sustainability issues, which for the commission encompasses ...