European Commission Releases New Sustainability Reporting Standards

The document describes the impact of sustainability reporting issues on different areas. As the purpose of sustainability reporting is to reduce the negative impact of entities on the environment and society, the main challenges are to standardise the preparation process of sustainability reports and to ensure transparency and credibility. 

Considering Georgia’s European perspective, the adoption of these standards holds great promise for the sustainable development of local entities. The early integration of these guidelines is an opportunity for the country to improve the management reporting practices required by the Law of Georgia on Accounting, Reporting and Auditing, and to contribute to the creation of a more sustainable and more competitive economic landscape. This will ultimately ensure a more robust and transparent European business environment. Early implementation of these standards will lay the groundwork for integration with the European Union, ensure sustainable growth, strengthen investor confidence and enable informed decision making. 

SARAS welcomes the early adoption of the Sustainability Reporting Standards by entities. This will enhance their credibility and transparency and contribute to their sustainable growth.  

In the future, SARAS plans to define the scope of accountable entities and implement the standard by initiating the relevant legislative changes.