The Non-Financial Information Statement (NFS) is a report that companies have to generate according to certain criteria established on the basis of Law 11/2018 and reports on all non-financial matters of the company including environmental, social and governance aspects. The main objective of the EINF is to provide corporate transparency on the company’s activities.
The obligation to present the consolidated non-financial information statement shall apply to all those companies with more than 250 employees that are either Public Interest Entities or that have met at least one of the following criteria for two consecutive financial years at the closing date of each one of them:
– That the total of the asset items exceeds 20,000,000 euros;
– The net annual turnover exceeds 40,000,000 euros.
In other words, all companies that fall within the scope of application of the Capital Companies Act (SRL, SA and limited partnerships by shares), with more than 250 employees and which are either considered to be Public Interest Companies or which, for two consecutive financial years, have met at least one of the two circumstances set out above in relation to the volume of assets or turnover, are obliged to present the non-financial information statement on an individual level.
With 4 years having passed since the publication of the regulation governing the EINF, Law 11/2018, transposed by Directive 2014/95/EU of the European Parliament and of the Council of 22 October 2014, is amended by the approval of the proposed Corporate Sustainability Reporting Directive (CSDR) on 10 November 2022.
The aim is to bring sustainability reporting in line with financial reporting, allowing the public to access reliable and comparable data. It will also be a step towards setting sustainability standards with new European standards that will seek to fill the gap in non-financial information being passed on to the market by introducing more detailed obligations on the environmental, human rights and social impacts of companies, based on common criteria in line with the EU’s climate goals. The European Commission plans to adopt the first reporting standards in June 2023.
It may still be a few years before it is applicable to your company, however, at Euro-Funding we are already ahead of the regulations and we want our Clients not to be left behind. Therefore, we try to start working with our clients as soon as possible. The implementation schedule of the new requirements of the Directive is as follows:
Reporting Year | Publication | Application |
2024 | 2025 | PIEs and large companies already affected by the EINF |
2025 | 2026 | PIE and large companies not affected by the EINF |
2026 | 2027 | Listed SME |
2028 | 2029 | Companies outside the EU with branches/subsidiaries |
Over the last few years, a large number of questions have been raised about the elaboration and development of the NFE:
In our experience it is important to get advice so that companies can optimise their resources and verify their reports without bumps in the road.
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