Audit Financiar (Nov 2023)
From Non-Financial Disclosure to Sustainability Reporting: New Challenge for Financial Analysts and Auditors
Abstract
In the context of recurrent ecological and societal crises, the European institutions are committed to fostering sustainable development that meets the needs of present and future generations, while providing new opportunities for employment, investment and economic growth. These commitments are the guiding principle of European policies and strategies in terms of financing sustainable growth, green transition, and building an economy at the service of citizens. They have been gradually transposed into a large number of European regulations, including those related to sustainability disclosure by certain categories of economic and financial actors. The significance of the paradigm shift fuels the reflection on the relationship between these new regulations and the social reality, in which and upon which they must act. The new regulations referring to are especially: Regulation (EU) 2019/2088 of the European Parliament and of the Council on sustainability‐related disclosures in the financial services; Regulation (EU) 2020/852 of the European Parliament and of the Council on the establishment of a framework to facilitate sustainable investment, and amending Regulation (EU) 2019/2088 (Taxonomy Regulation); Directive (EU) 2022/2464 of the European Parliament and of the Council amending Regulation (EU) No 537/2014, Directive 2004/109/EC, Directive 2006/43/EC and Directive 2013/34/EU, as regards corporate sustainability reporting. As part of the European and international sustainability concerns, this article is a reflection paper on the developments, notably conceptual, axiological and substantive, generated by the Directive (EU) 2022/2464, and their translation into legal and practical innovations. Based on an extensive review of the relevant literature and European legislation, as well as on content analysis and secondary analysis of numerous scientific studies in the field, authors’ contribution focuses on the meaning and implications of the switch from 'non-financial information' to 'sustainability information', as well as on the new relationship between the law and the social reality created by Directive (EU) 2022/2464. The authors assume that such clarifications are a prerequisite for the successful transformation of certain professions significantly affected by this Directive, including those of financial analysts and auditors. This requires, at the same time, upstream changes of university curricula and continuing education in this area, as well as in research programs.
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