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.

https://enterprise.gov.ie/en/consultations/public-consultation-on-the-corporate-sustainability-reporting-directive.html

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:

https://enterprise.gov.ie/en/publications/presentations-webinar-csrd.html

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

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.”

Timeline

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.

https://enterprise.gov.ie/en/news-and-events/department-news/2023/january/minister-calleary-encourages-irish-businesses-to-prepare-for-new-european-sustainability-reporting-standards.html

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

https://enterprise.gov.ie/en/consultations/public-consultation-on-the-corporate-sustainability-reporting-directive.html

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.

https://www.cpaireland.ie/getattachment/About-CPA/Bye-Laws/Bye-Law-8-1-Jan-2022-(1).pdf?lang=en-IE