FINANCIAL REPORTING Relieving the burden on micro and small entrepreneurs in compiling annual financial statements

The Committee for Financial Reporting Standards adopted the Decision on Amendments to the Decision on the Publication of Croatian Financial Reporting Standards (Narodne novine No. 105/20), according to which it specified what general information micro and small entrepreneurs are required to publish in the notes to the annual financial statements. The aforementioned decision also determined what information that micro and small entrepreneurs do not have to include.
EUROPEAN UNION Corporate Sustainability Reporting Directive (CSRD)

On December 14, 2022, the European Union adopted the Corporate Sustainability Reporting Directive (CSRD).
EUROPEAN UNION Financial regulations on sustainability

Sustainable development has been at the center of European politics for a long time, and the European Union has not left out this expected segment of business. Today, companies are increasingly trying to join forces with each other in order to create and adapt new ideas, turning towards sustainable business.
BUSINESS ADVISORY Decision on amendments to the Decision on publication of Croatian financial reporting standards

On 06.07.2022. e-Public consultation regarding changes and additions to the Croatian Financial Reporting Standards has been opened. The most important part of the mentioned changes and additions are the provisions of Article 1, which removes ambiguities about whether small entrepreneurs are obliged to apply those provisions on disclosures for which CFRS 1 imposes an obligation on them, and some other CFRSs exempt them from applying the same disclosure obligation.
SUSTAINABILITY STANDARDS Obligation to report on sustainability standards for large companies

Starting in 2024, the Corporate Sustainability Reporting (CSRD) Directive will require all large companies to report on sustainability policy and performance. In April 2021, the European Commission presented a proposal for a Directive requiring mandatory reporting on the environmental and social impacts of business activities, as well as an independent guarantee on the non-financial information presented.
SUSTAINABILITY STANDARDS Draft of European sustainability reporting standards

On 21 April 2021, The European Commission adopted a legislative proposal for a Corporate Sustainability Reporting Directive (CSRD). One of the key provisions of the CSRD is that companies in scope would have to report in compliance with European sustainability reporting standards (ESRS) adopted by the European Commission as delegated acts, on the basis of technical advice provided by EFRAG. On 15 March 2022, the EFRAG General Assembly also approved EFRAG’s Due Process Procedures EU Sustainability Reporting Standard- Setting.