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Finance & Management News

Minister Calleary encourages Irish businesses to prepare for new European Sustainability Reporting Standards

The public consultation on the corporate sustainability reporting directive opened 30th January 2023 where the Department of Enterprise, Trade and Employment were seeking the views of stakeholders and interested parties on the Member State options contained within the Corporate Sustainability Reporting Directive (EU) 2022/2464, ahead of its transposition into Irish Law.

Minister of State with responsibility for Company Regulation at the Department of Enterprise, Trade and Employment, Dara Calleary T.D., held a webinar 26th January 2023 on the Corporate Sustainability Reporting Directive (CSRD).

The webinar was not recorded however the full list of slides presented by the various speakers on a range of topics relating to Ireland’s transposition and implementation of the Corporate Sustainability Reporting Directive can be found here:

Fiona Hackett, Director PWC gave an excellent presentation on the CSRD particularly from the practical challenges point of view and next steps timeline:

Practical Challenges
Who owns the process? The annual report might have historically been owned by finance, but the sustainability reporting needs cross organisation ownership
Sustainability reporting will require input from all departments of an organisation
How does the organisation collate and identify all the necessary information for the sustainability report?
Assurance/ Audit
Limited assurance; later transition to reasonable assurance (timing to be determined and standards to be determined).
Sustainability report may delay the completion of the annual report
Consolidation Process
Organisations will be preparing consolidated sustainability reports that have never prepared consolidated financial statements. How do they obtain the necessary information from subsidiaries?
Company Timeline
1. Understand your organisation’s scoping
2. Identify who owns the project, who are stakeholder and get their buy in
3. Assess and analyse existing sustainability reporting processes (internal controls and governance)
4. Engage with key internal stakeholders to get an understanding of existing data management process and identify actions going forward
EU Member States now have 18 months in which to transpose the directive into law.

The purpose of the webinar was to introduce the Directive, and the European Sustainability Reporting Standards arising out of it, to Irish businesses so that they can begin their preparations.

The Minister was joined by over 500 stakeholders including members of the EU Commission, the European Financial Reporting Advisory Group (EFRAG), Chartered Accountants Ireland and officials from the Department of Enterprise, Trade and Employment. Presentations covered topics such as, the overall goal of the directive, the sustainability reporting standards, how business can prepare, and the transposition process.

Speaking at the event, Minister Calleary said:

“Sustainability reporting offers Irish companies a chance to gain a competitive advantage in global markets. Through positive engagement and by taking proactive steps, businesses can ensure they are a step ahead of the competition.

“Shareholders, investors, and the public’s expectations have risen on what companies should be doing in the ESG arena and embracing this change in the paradigm will add value to companies in the long term.

“I strongly encourage all Irish businesses to engage with the new standards and know there are supports there to help make the transition. The Government is committed to working with businesses to ensure that our climate ambitions are met without placing undue burden on them.”


Ireland and other Member States now have 18 months to transpose the Directive i.e., mid 2024, with a view to mandatory requirements commencing for financial years on or after:

  • 1 January 2024 for companies and public interest entities in scope of the existing rules (greater than 500 employees);
  • 1 January 2025 for other larger companies and public interest entities (greater than 250 employees); and
  • 1 January 2026 for listed SMEs, with an ‘opt out’ possible until 2028.

The closing date for views from stakeholders and interested parties was Thursday 9 March 2023.

CPD requirements for members in Industry

A new CPD cycle commenced in 2023 and per CPD requirements of CPA Bye-Law 8 Members not in Practice and not working in Practice are required to complete a total of 120 hours CPD over a three year CPD cycle of which 60 hours are structured CPD and 60 hours unstructured.

The minimum requirement is 20 hours of CPD of which at least 10 hours must be structured in any one year.