In a recent speech at the Conference on implementing the European Green Deal: Financing the Transition, Executive Vice-President Dombrovskis announced that the European Commission will support a process to develop European non-financial reporting standards. This is in line with the Council conclusions on the Capital Markets Union at the end of last year.
The European Financial Reporting Advisory Group (EFRAG) will be invited to begin preparatory work for these standards as quickly as possible.
“The many overlapping international reporting standards and set-ups confuse companies and investors”, he said.