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Become a partnerReady for the CSRD reporting obligation?
In addition to high regulatory requirements, the CSRD reporting obligation raises many questions: Does it apply to my company? What needs to be done? And how can it be implemented in a legally compliant way? Find answers together with VERSO. Turn your sustainability data into audit-ready CSRD reports with us.
VERSO, with its software as well as its consulting and customer success team, is a reliable partner on our path toward a finalized sustainability report.
The initial impression of the solution for the double materiality analysis convinced us. The VERSO tool will further simplify and accelerate our work. This allows us to lay the optimal foundation for our ESRS reporting.
With VERSO, we were able to systematically prioritize risks along our supply chain and create targeted transparency. The VERSO Supply Chain Hub is particularly impressive thanks to its clear data visualization and easy communication with our suppliers.
VERSO’s ESG software is the basis for our sustainability reporting and has made it much easier to prepare a report for the first time. The central data collection in the tool, the extensive design options with our corporate design, the integrated guidelines and the personal support ensure a very efficient process.
With the support of the VERSO consultants and the Climate Hub, we have drawn up our first climate footprint report. Now we can gradually reduce our GHG emissions and track the development of our decarbonization strategy using the VERSO software.
The course helped me to understand the topic of “sustainability in companies”, including the relevant guidelines, regulations and standards. The content was conveyed clearly and practically – I recognized familiar things and learned new things. I particularly liked the fact that the course – in the context of topic-related practical tasks – encouraged me to transfer the concepts I had learned to my own working environment.
What is the CSRD reporting obligation and what changes does it introduce?
Sustainability reports are intended to create transparency and comparability. The CSRD therefore introduces a large number of new requirements for your company. As one of three pillars of the European Green Deal, the CSRD obliges European companies to prepare sustainability reports. In doing so, it replaces the former EU directive NFRD and the German CSR-RUG law.
The CSRD reporting obligation applies to companies with more than 1,000 employees and net annual revenue exceeding EUR 450 million. Under certain conditions, non-EU companies as well as suppliers of CSRD-obligated companies are also affected.
Standardized, extended reports
Specifically for the CSRD, EFRAG has introduced the European Sustainability Reporting Standards (ESRS) eingeführt. As the CSRD framework, the ESRS define content and structure for sustainability reports. They build on existing standards. More data, and above all more detailed data, is required.
External assurance
The CSRD also introduces new assurance requirements for sustainability reports. Reports are now subject to review by external auditors based on defined audit standards. In addition, the level of assurance will be aligned with the audit quality of financial reports in two steps.
Sustainability in the management report
The Green Deal makes it clear: sustainability must no longer take a back seat. By designating sustainability information as a mandatory part of the management report, the CSRD elevates its priority to the same level as financial reporting.
Standardized reporting format
Consistency and transparency require not only comparable standards, but also standardized reporting formats. Here, too, the CSRD follows the logic of financial reporting: sustainability information will in future be published in the “European Single Electronic Format” (ESEF).
CSRD compliance: not that easy after all?
Preparing a CSRD-compliant report is a complex and demanding task. What is intended as a meaningful measure to create sustainability reports with real impact can put ESG managers under significant pressure:
- ESG data collection: Where do I start? How do I determine how sustainable my company and my supply chains currently are?
- Double materiality analysis: Which of the countless data points do I actually need to report on?
- Strategy: How exactly do the ESRS work? How do I plan an effective sustainability strategy?
- Security: How do I ensure that my report gets through the audit safely?
- Understanding: Why am I doing this at all – and how do I go about it?
At the same time, the CSRD is still relatively new, meaning there is limited practical experience to draw on. And that certainly does not make things any easier, does it? With VERSO, you gain confidence through a clear data foundation and meet your CSRD reporting obligation in a strategic way.
Implementing the CSRD reporting obligation step by step
Double materiality analysis
… with our AI-powered solution. This IDW- and CSRD-compliant, certified module gives you the starting point for your CSRD report in no time: an audit-ready double materiality analysis.
ESG data management & reporting
… with the VERSO ESG Hub. With our CSRD compliance software, you gain access to a digital cockpit for ESG managers. Centralize your ESG data and create a CSRD-compliant report in a simple and secure way.
Supply chain transparency
… with the VERSO Supply Chain Hub. More than 100 ESRS data points relate to the supply chain – yet data collection is often challenging. VERSO gives you a complete overview of your supply chains, enabling you to meet your disclosure requirements with ease.
Carbon footprint and climate strategy
… with the VERSO Climate Hub. Whether carbon accounting, climate targets, or climate strategy: with VERSO, you collect robust data to efficiently meet the requirements of environmental standards such as ESRS E1.
VERSO ermöglicht es uns, unsere ESG-Daten zentral an einem Platz zu sammeln und unseren Nachhaltigkeitsbericht zu erstellen. Wir können so unseren Status quo ermitteln, Ziele verfolgen und die Fortschritte mit unseren Stakeholdern transparent teilen.
Die ESG Software von VERSO ist die Grundlage für unsere Nachhaltigkeitsberichterstattung und hat die erstmalige Erstellung eines Berichts maßgeblich erleichtert. Die zentrale Datenerfassung im Tool, die umfangreichen Gestaltungsmöglichkeiten mit unserem Corporate Design, die integrierten Leitfäden und die persönliche Betreuung sorgen für einen sehr effizienten Prozess.
VERSO ist mit seiner Software sowie seinem Consulting- und Customer-Success-Team ein verlässlicher Partner auf unserem Weg zum fertigen Nachhaltigkeitsbericht.
VERSO bietet uns die optimale Plattform, um unsere Berichterstattung effizient und CSRD-konform zu gestalten und dient uns als Cockpit für unser Nachhaltigkeitsmanagement.
Mit VERSO wurde auf eine bewährte Plattform zurückgegriffen, die es ermöglicht, die Entwicklung zum Thema Nachhaltigkeit in unserem Unternehmen im Zeitverlauf sichtbar zu machen.
Die Lösung ist einfach zu bedienen und so gut wie selbsterklärend. Durch den modularen Aufbau lässt sich die Plattform jederzeit an unsere Anforderungen anpassen.
References
Questions and answers on the CSRD reporting obligation
Who does the CSRD reporting obligation apply to – and from when?
According to the current status, the following are subject to CSRD reporting:
- From 2025 (report for 2024):
Companies that were already required to report under the NFRD / CSR-RUG
(e.g. large listed companies, banks, and insurance companies with>500 employees) - From 2028 (report for 2027):
Large companies with more than 1,000 employees and net annual revenue exceeding EUR 450 million - From 2029 (report for 2028):
Non-EU companies that generate net revenue of more than EUR 450 million in the EU and have a subsidiary or branch in the EU
What has changed as a result of the Omnibus decision?
With the Omnibus decision, the CSRD timeline and scope of application were significantly adjusted.
- The reporting obligation for many companies was postponed by two years.
- The scope of application was significantly narrowed.
No longer mandatorily subject to CSRD reporting are:
- Companies with fewer than 1,000 employees that were originally covered under the lower thresholds
(250 employees / EUR 50 million revenue) - Listed SMEs (expected to be fully removed from the mandatory scope)
- Micro-enterprises (still excluded, unchanged)
What does “double materiality” mean in the CSRD?
With the CSRD reporting obligation comes a new understanding of materiality. More specifically, relevant topics for the sustainability report are now identified based on double materiality. Companies are therefore required to report both on the impacts of their business activities on people and the environment, and on the effects of sustainability aspects on the company itself. Double materiality thus replaces the previous rule under which companies were only required to report if both materiality dimensions applied. Our experienced sustainability experts are happy to support you with the materiality analysis as well as throughout the entire reporting process.
How do CSRD, SFDR, and the EU Taxonomy relate to each other?
You are likely already aware that the CSRD reporting obligation is a key part of implementing the European Green Deal. But how does it all fit together with the other directives and regulations?
CSRD (Corporate Sustainability Reporting Directive):
EU Taxonomy: It defines which economic activities can be classified as sustainable.
SFDR (Sustainable Finance Disclosure Regulation): It requires financial market participants to disclose sustainability information.
How do I combine my annual and sustainability reports in a meaningful way?
With the introduction of the CSRD reporting obligation, business and sustainability reporting are closely linked. VERSO not only provides you with audited annual and sustainability reports from a single source, but also combines both into a holistic report that meets all legal requirements. For maximum transparency in your sustainability reporting.
Book your Demo!
Get to know the VERSO software for implementing the CSRD reporting obligation in practice.