Latest
On 13 November 2025 the European Parliament (EP) adopted its position on the Omnibus proposal with 382 votes in favour, 249 against and 13 abstentions. This was a hugely disappointing outcome for EU leadership on sustainability reporting, as highlighted by the Global Reporting Initiative (GRI), for proponents of the EU Green Deal, and for those concerned to limit the influence and impact of the Far Right in the EP. Teresa Ribera, Executive Vice-President of the EC, delivered a harsh assessment of the likely impact of Omnibus I in this Financial Times article.
The key adopted amendments include: reduced scope - applies to EU undertakings exceeding 1,750 employees and €450m net turnover and to non-EU companies with an EU subsidiary exceeding EUR 450 million net turnover in the preceding financial year (FY) or a branch generating EUR 450million net turnover, if no subsidiary exists; assurance - the European Commission (EC) must adpt an EU sustainability assurance standard by 1 October 2026 after obtaining an opinion from EFRAG; voluntary VSME standard - the EC will develop a voluntary reporting standard based on its July VSME recommendation; sector-specific sustainability reporting guidance - the EC will issue voluntary sector-specific guidelines to support consistent and robust materiality assessments; and due diligence requirements would apply only to companes with more than 5,000 employees and a net annual turnover of over €1.5 billion.
The final outcome of the Omnibus debate will be determined by an informal negotiation between the European Commission (EC), European Council and European Parliament (EP) (‘trilogue’) that commenced on 18 November 2025. The European Commission position is as per its proposal of 26 February 2025 (see ‘Background Explainer’ box and here) while the European Council agreed its position ('negotiating mandate') on 23 June 2025 as outlined here.  Perhaps most significantly, at least from a reporting perspective, is the fact that the EP and European Council are closely aligned on the scope fo the CSRD while the EC’s proposal stands at 1,000 employees.

It is hoped these interinstitutional negotiations culminate in a final agreement by the end of 2025. The EP has scheduled the final vote on the Omnibus for 16 December 2025 to confirm the outcomes of the final trilogue scheduled for 8 December 2025.One can be sure that the CSRD and CSDDD the Trump Administration is US is exerting political pressure, adamant that these directives do not impact US companies. Denmark, as President of the Council of the European Union, is presiding over the trilogue negotiations and is keen to get it completed during its tenure and its ruling party welcomes efforts to cut red tape. Once approved member states will then transpose and implement.

 

Background Explainer In February 2025 the European Commission announced the Omnibus Proposals. The Questions and answers on simplification omnibus I and II (Q&A) and this DG FISMA newsletter summarize the proposals. The Omnibus package includes, amongst other things, a proposal for a Directive amending the CSRD and the CSDDD (Omnibus II) and a proposal which postpones the application of all reporting requirements in the CSRD for companies that are due to report in 2026 and 2027 (so-called wave 2 and 3 companies) and which postpones the transposition deadline and the first wave of application of the CSDDD by one year to 2028 (Omnibus I). Omnibus I, dubbed ‘stop-the-clock’ proposal, entered into force in April 2025. Member states have until 31 December 2025 to transpose this into national law. See ACCA’s Q&A. On 11 July 2025 the Commission adopted the "quick fix" ESRS Delegated Act that pauses additional ESRS phase-in data points for CSRD wave-one undertakings by two years. As the press release  explains this "quick fix" became necessary as Wave 1 companies were not included into the "Stop-the-Clock" Directive that was part of the Omnibus. Hence, this Delegated Act is supposed to ensure that Wave 1 companies do not face additional requirements. Accountancy Europe, together with 17 other industry associations, has welcomed this delegated act and has urged the European Parliament and the Council of the EU to swiftly confirm their support so that it can quickly enter into force and provide legal certainty for Wave 1 companies. Many raised concerns around due process and the lack of evidence in arriving at the Omnibus proposals. On 26 November 2025 the EU Ombudswoman published the results of her inquiry related to how the Commission prepared the Omnibus proposal. She finds a series of "procedural shortcomings" that ultimately “amounted to maladministration.” Earleir in the month the Financial Times reported that over 100 lawyers and law professors had signed an open letter warning that the Omnibus proposal could expose the EC to legal challenges, and create more uncertainty for businesses. The letter urges the EP to first seek an internal legal opinion before taking any further legislative steps. The key issue is proportionality. Under EU law, legislative measures must be “proportionate stricto sensu”, meaning the benefits must outweigh the negative effects on protected interests. Yet, no impact assessment has been carried out so there is insufficient information to assess proportionality. Read more here. An initiative by the academic community – the Copenhagen Declaration with over 200 signatories - calls for evidence-based policy-making in the context of the ongoing Omnibus process. Moreover, there is a lot of opinion and evidence, not least the experiences of Wave 1 reporters, in favor of limiting the extent of simplification and deregulation. European Central Bank (ECB) President sent this letter to the European Parliament expressing her concerns over the proposal to narrow the scope of the CSRD. And this joint statement that now has almost 500 signatory organisations urges EU policymakers to preserve the core of the EU sustainability framework by, amongst other things, maintaining the principle of double materiality in reporting, including companies with 500+ employees in the scope of CSRD, and maintaining risk-based corporate due diligence and climate transition plans. It seems politics has trumped (due) process. The Commission has issued a list of Level 2 regulations that have been deemed “non-essential”, and will therefore be deprioritised, which includes the Delegated Act on the standard for non-EU companies. This will not now be adopted before October 2027. Some fear this will place EU companies at a disadvantage to non-EU companies with fewer reporting obligations. Member states, meanwhile, continue to implementing the pre-Omnibus CSRD. See Accountancy Europe’s CSRD tracker as at 26 September 2025, here and Ropes Gary as at 28 October 2025 here.

 

 

Revised Simplified ESRS Unveiled
On 28 November 2025 EFRAG’s Sustainability Reporting Board (SRB) voted to approve simplified versions of the ESRS. As Corporate Disclosures reports while the SRB failed to reach consensus on the cross-cutting standards and three of the 10 topical standards there was a comfortable majority in favor. The revised ESRS have therefore been formally approved and were publicly unveiled at EFRAG’s 2025 Conference on 4 December 2025 – see the conference recording here. The full set of the draft simplified ESRS can be found here and at a glance factsheet here.
In less than six months EFRAG have significantly simplified the original ESRS. On many measures of size and burden the revised ESRS are less than half the original ESRS. At the same time EFRAG has launched the ESRS Knowledge Hub, an interactive online platform to help users navigate the ESRS, including the VSME, and implementation materials developed by EFRAG.
The day before the conference EFRAG submitted its final technical advice, the revised ESRS, to the EC. By the end of the year EFRAG will send to the EC a cost-benefit analysis and basis for conclusions. The EC plans to adopt the revised ESRS,which represent a significant simplification of the present ESRS, via a delegated act by the middle of 2026.

Sustainability Reporting Board Chair
Kerstin Lopatta is all set to become the new chair to succeed Patrick de Cambourg as Chair of the EFRAG Sustainability Reporting Board. Her appointment is subject to the approval of the EFRAG General Assembly that meets on 15 December 2025.

ESMA’s Sustainability Reporting Activities
On 15 October 2025 the European Securities and Markets Authority (ESMA) published its analysis of how large, listed companies applied the ESRS in their 2025 sustainability statements. The analysis included findings and many recommendations to reporting companies, many of which it shared with EFRAG as part of their efforts to simplify the ESRS.

Sustainability Reporting Standards for SMEs
Since the European Commission officially adopted EFRAG’s Voluntary Sustainability Reporting Standard for non-listed Micro, Small, and Medium-sized Enterprises (VSME) as a Recommendation in late July 2025 EFRAG has been busy mobilizing implementation support (access the Commssion’s press release, Q&A, and the recommendation here and the standard, explainer videos, digital templates, and guidance on EFRAG’s website here. This Corporate Disclosures article looks at the ecosystem that EFRAG is buidling to support the application of the standard.
On 28 October 2025 EFRAG published an event report, recordings (in 16 languages), and presentation slides from its event “VSME Standard in Action: From the European Commission’s Recommendation to Digital Solutions” that focused on practical application of the VSME across Europe - read more here. Previously, in late September, EFRAG released two complementary reports to support the application of the VSME.
In late November EFRAG added Danish, French, German and Italian translations of its VSME Digital Template, XBRL Taxonomy and XBRL Converter. Users can now work and generate XBRL reports in nine languages, enhancing accessibility for SMEs across the EU. This release also includes a new technical FAQ with short videos, addressing the most common user questions. Access the VSME Digital Template, the XBRL Taxonomy and XBRL Converter here.
On 12 December 2025 EFRAG invites all stakeholders to join the open session of the 3rd EFRAG SME Forum Meeting “Launch of VSME Supporting Guides & Presentation of EFRAG’s VSME Market Acceptance Report – VSME Ecosystem Update”. EFRAG has finalised three new supporting guides under the Comprehensive Module, covering key disclosure areas: C2 – Practices, Policies & Future Initiatives; C3 – GHG Reduction Targets & Climate Transition; and C7 – Severe Negative Human Rights Incidents. During the session, EFRAG will also present insights from the first VSME Market Acceptance Progress Survey. Register now here.
Other initiatives in support of the VSME include:

• Luxembourg Chamber of Commerce promotes VSME - on 21 October 2025 the House of Sustainability organised this introductory workshop in collaboration with EFRAG on the VSME.
• UN Global Compact publishes tips on using VSME - the UN Global Compact has published this article that provides practical tips on how to get started with the VSME.
• World Bank hosts webinars on VSME- the World Bank Centre for Financial and Sustainability Reporting Reform (CFRR), in partnership with EFRAG, hosted webinars on 16 and 23 October 2025 on how European Union (EU) accession and EU neighborhood countries can leverage the VSME. Access the slides and recordings here.

 

EU Accession Countries
Read this this article on how EU accession countries can leverage the VSME.

Omnibus VSME
The Omnibus proposals look set to result in a much reduced CSRD scope such that reporting will be voluntary for companies employing up tp 1,750 employees and these companies will be expected to use a new sustainability reporting standard based on the VSME, so called ‘Omnibus VSME’. This proposed new voluntary standard is now the subject of intense debate. Some, such as Eurosif, believe that the voluntary standard for small and mid-cap companies should be based on a subset of datapoints in the simplified ESRS and which maintains a mandatory “but proportionate” materiality assessment (‘ESRS lite’). Others suggest this standard should be developed using the VSME with an additional module importing some provisions from the simplified ESRS including some double materiality assessment (‘VSME+’). Significantly the new standard may yet be the value chain cap, setting limits on the information in scope companies can ask from smaller companies in their value chain.
There is a third way – instead of developing a new standard simply encourage companies employing between 250-1,750 to use either the VSME or the ESRS, based on what seems the most appropriate - smaller, simpler entities from lower risk sectors could be encouraged to use the VSME while larger, more complex entities from higher risk sectors might be encouraged to use the simplified ESRS. 

EFRAG Updates
EFRAG’s Sustainability Reporting Update podcast for October 2025 is available (on Spotify here and
on YouTube here) and the Financial Reporting Update podcast for October available (on Spotify here and YouTube here). Highlights include the new multi-language VSME digital template for SME sustainability reporting. Read to pdf here.

EFRAG User Panel
EFRAG is inviting applications from experienced users of financial reporting, financial users of sustainability information, to join its User Panel which provides advice and input to the Financial Reporting and Sustainability Reporting Technical Expert Groups (TEG). Those interested should send a motivation letter and CV to nominations@efrag.org by 8 December 2025.

Belgian Award for Sustainability (BAS) Reporting
This long-standing award, this year with a significantly updated and improved methodology to align with the CSRD and ESRS as well as to maintain the objectivity of the fully independent jury, attracted a record 74 organisations submitted their reports, The awards ceremony brought together over 300 participants, celebrating excellence across three categories based on CSRD implementation and organisational size. Visit the BAS website to explore the winners, highlights, and photos from the ceremony here.

Ireland’s Experience with CSRD and ESRS
On 14 November 2025 IAFA and IAASA hosted the webinar ‘How is sustainability reporting and assurance evolving under the CSRD?’ (see here) that included Ireland's Wave I reporting and assurance experience.

Sustainable Finance

A new Eurosif report, ’EU Sustainable finance - a competitive advantage for a resilient Europe’, examines the impact of sustainable finance rules on the European economy and concludes with a key message to policymakers: “Europe’s sustainable finance framework is working. Preserve stability, refine implementation, and avoid disruptive rollbacks. Competitiveness will come from consistent, credible rules – not from deregulation.” The report coincided with the EC’s release of the final version of the Sustainable Finance Dicsloure Regulation (SFRD) simplification proposal. See the Q&A here.

European Union
While the Omnibus proposal maintains the limited assurance requirement, proposes no changes to assurance providers, and maintains the EC’s delegated power to adopt a limited assurance standard, the proposal does remove the 2026 deadline for adopting a standard and suggests deleting the possibility of moving from a requirement for limited assurance to a requirement for reasonable assurance. The Commission intends to issue targeted assurance guidelines by 2026. Moreover, to protect SMEs it proposes requiring assurance providers to respect the obligation that companies should not request information from value chain companies with fewer than 1,750 employees beyond what is included in the ‘Omnibus VSME’.
Until the targeted assurance guidelines are issued assurance providers can consult the CEAOB guidelines on limited assurance on sustainability reporting. In addition, the European Contact Group (ECG) has published illustrative examples of limited assurance reports for engagements in accordance with the CSRD - see the unmodified illustrative report here and the modified illustrative report here. These may need adapting to align with specific jurisdictional requirements and standards.

Belgium’s Experience with Sustainability Assurance
The Belgian Institute of Statutory Auditors – Instituut van de Bedrijfsrevisoren (IBR-IRE) has just published this in-depth analysis (in Dutch and French) of the first limited insurance reports and the lessons learned from the first wave of the CSRD.

ISSA 5000
Since the IAASB and the IESBA launched in January 2025 a joint effort to support effective implementation of their landmark standards aimed at advancing trust and transparency in sustainability reporting and assurance both Boards have been busy promoting adoption of the standards, coordinating translations, and ramping up implementation support.

The International Standard on Sustainability Assurance (ISSA 5000)General Requirements for Sustainability Assurance Engagements becomes effective for periods starting on or after 15 December 2026, with early adoption permitted and encouraged. ISSA 5000 is scalable and adaptable to regional regulatory requirements, can be used with any sustainability reporting framework, standard or other suitable criteria, and is applicable to all assurance providers.
Translations of ISSA 5000 - French, Lithuanian, Estonian, and Finnish with Arabic and Spanish coming soon - are available here. ISSA 5000 FAQs are available in French here.
There is growing momentum around the world as jurisdictions continue to adopt ISSA 5000. Some jurisdictions are making sustainability assurance mandatory while others are taking a voluntary approach. This LinkedIn post provides a snapshot on jurisdictional adoption: this webpage includes ‘ISSA 5000 Jurisdictional Adoption’. In early November 2025 the FRC published ISSA (UK) 5000, setting out general requirements for sustainability assurance engagements. Aligned with ISSA 5000 this standard supports UK companies, investors and assurance providers with a consistent framework for voluntary use.

ISSA Adoption and Implementation Support
The IAASB’s ISSA 5000 Adoption and Implementation resources continue to grow. On 24 November 2025 the IAASB published a new set of illustrative practitioner’s assurance reports to further support the implementation of ISSA 5000. While ISSA 5000 includes four illustrative reports that reflect the baseline requirements of the standard, this new publication provides more specific examples to help practitioners apply the standard in real-world scenarios: five examples of assurance reports with unmodified assurance conclusions and three examples of assurance reports with modified conclusions.
In early October 2025 the IAASB held a three-part global webinar series designed to assist stakeholders as they adopt and implement ISSA 5000 - access the recordings here. Last month the IAASB added a new Frequently Asked Questions (FAQ) publication to its catalogue of adoption and implementation resources for ISSA 5000.The FAQ explores the relevance of ISSA 5000 to sustainability assurance engagements in the EU. It outlines how ISSA 5000 could be applied in assurance engagements required under the CSRD and highlights key EU-specific considerations, including double materiality, scalability, and interoperability with other frameworks.

IESSA
In concert with the IAASB, the IESBA launched its new International Ethics Standards for Sustainability Assurance (IESSA) and other new sustainability-related provisions establish a strong ethical foundation for sustainability reporting and assurance engagements. These standards will become effective for sustainability assurance engagements on sustainability information for periods starting on or after 15 December 2026, with early adoption encouraged. Read more in this article.

The IESBA’s IESSA Implementation Resources continue to be expended, most recently in September 2025 with IESBA’s release of two new staff publications - Questions and Answers on Using the Work of an External Expert and Proportionality of the IESSA. These publications explain key aspects of the standard related to using the work of an external expert and the proportionality of the ethics and independence provisions for sustainability assurance in the IESSA.

Corporate Disclosures 2025 Conference
On 1 December 2025 Corporate Disclosures held its annual conference in London. The event started with a series of fireside chats, with EFRAG, the ISSB and GRI all highlighting their willingness to work together towards a harmonised and interoperable global sustainability reporting landscape. Read a summary of the discussions here and access summary transcripts for each discussion - with Patrick de Cambourg, Chair, EFRAG SRB, Richard Barker, Member, ISSB, and Robin Hodess, CEO, GRI.

ACCA Report
On the eve of COP 30 ACCA published its latest report ‘Sustainability reporting: Track your progress’ and said it is timely to consider how ready your is organisation to use sustainability information. ACCA surveyed over 1,000 respondents from 113 jurisdictions, supplemented with interviews and global roundtables, to assess organisations’ readiness to create and use sustainability information. The report, the latest instalment in ACCA's sustainability reporting guidance series, finds that only 53% say their organisations have started to create or use sustainability information and 39% are yet to commit. The report gives 10 recommendations to help progress sustainability reporting.  

Support for SMEs
On 5 November 2025 the Federal Council of Switzerland adopted five proposals to provide targeted support for SMEs on sustainability-related requirements including a digital tool for sustainability reporting.
The UK headquarted Association of International Accountants (AIA) argues that accountants are in a unique position to help SMEs lacking inhouse reporting expertise. Martta Ääri (Aila) explains why accountants are key in helping European SMEs manage growing ESG demands in this AIA article.
The Association of Southeast Asian Nations (ASEAN) Capital Markets Forum – a forum for capital market regulators in the 10 ASEAN jurisdictions – has published this simplified guide to ESG disclosures for SMEs in larger companies’ supply chains.

UNCTAD Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting (ISAR) 42nd Session
The 42nd Session of the UNCTAD-ISAR was held on 12–14 November 2025 in Geneva. The session provided insights on where the world stands today on sustainability reporting. At the session EFRAG received an award, Honours 2025 – International Category, for its work on the VSME. Watch the thank-you message from Patrick de Cambourg, EFRAG SRB Chair here. Explore the official UNCTAD page here.

World Business Council for Sustainable Development (WBSCD) Report
According to the WBCSD’s "Reporting Matters 2025: Embedding change, accelerating impact"83% of reports disclosed a double materiality assessment (DMA) in 2025, compared to 77% in 2024 and 55% in 2023. Furthermore, the report finds 48% of reports indicate CSRD/ESRS alignment verses 11% indicating ISSB alignment. In early November 2025 the WBCSD held a launch event: watch the morning session here and the afternoon session here. The presentation deck is here.

OECD Global Corporate Sustainability Report 2025
On 29 October 2025 the OECD issued its ‘Global Corporate Sustainability Report 2025’. The study, which assessed the filings of 44,000 public companies representing US$125 trillion in market capitalisation (market cap), reveals that in 2024, 12,900 listed companies representing 91% global market cap reported sustainability-related information, up from 9,600 listed companies comprising 85% in 2022. This Corporate Disclosures article takes a closer look at the report’s findings.  

Corporate Reporting in MENA
This IFAC Gateway article, ‘The Future of Corporate Reporting MENA and Beyond’ looks at the future of corporate reporting in the Middle East and North Africa (MENA) when financial and sustainability reporting are expected to come together.   

IFRS Sustainability Symposium 2025
The IFRS Sustainability Symposium 2025 was held on 30 October 2025 in London, bringing together preparers, and investors alongside other global market leaders from 48 jurisdictions to discuss the implementation of ISSB Standards. Building on the success of 2024, this year’s theme, ‘Pathways to Adoption’ focused on practical experiences with regulatory and voluntary application of the ISSB Standards. The IFRS Foundation announced five key takeaways from the discussions as follows: ISSB Standards are becoming the global passport for companies to meet sustainability disclosure regulations; the EU Omnibus provides an opportunity to further align ESRS with ISSB Standards; international standards enable a level playing field for companies; quality is more important than quantity; and strong market demand for industry-specific disclosures.
Nearly 40 jurisdictions accounting for almost 60% of global GDP are adopting or otherwise using the ISSB Standards. Details on the use of IFRS sustainability disclosure standards by jurisdiction can be found here: many countries are extending transitional reliefs to give more time for implementation. ISSB Chair announced the expansion of the Jurisdictional Adopters Working Group (formerly Jurisdictional Working Group), as a mechanism to facilitate discussions among regulators to support the ISSB Standards’ role as a global passport for sustainability reporting. A new Jurisdictional Rationale Guide for the adoption or other use of ISSB Standards and accompanying tool explore jurisdictions’ experiences of and motivations for using the ISSB Standards.

 

ISSB Update 
The ISSB Update, summarising the November 2025 ISSB meeting, is now available. You can also listen to Chair Emmanuel Faber and Vice-Chair Sue Lloyd in the latest episode of the ISSB podcast. In the podcast, Emmanuel and Sue share insights into key ISSB updates, including how the ISSB will draw on the TNFD framework to meet investors' common information needs as it proceeds with standard-setting for disclosures about nature-related risks and opportunities (see next).

ISSB’s Next Standard
This Corporate Disclosures article takes a closer look at the ISSB’s November 2025 meeting where it decided to proceed with the development of IFRS S3. The Task Force for Nature-related Financial Disclosures (TNFD) has welcomed the ISSB decision on nature-related standard setting drawing on the TNFD’s framework.

IFRS Foundation Adoption and Implementation Support
The IFRS Foundation continues to provide and enhance adoption and implementation support. It has held 12 sessions in its ‘Perspectives on Sustainability Disclosure’ webinar series. Episode 12 explored how organisations use climate-related scenario analysis to assess and disclose their climate resilience in line with IFRS S2. View all recordings here.

IFRS Foundation Capacity Building
On the eve of COP 30 the IFRS Foundation has released the Capacity Building Programme Activity Report for 2025 outlining its work to support the global use of ISSB Standards since COP29.  In 2026 the IFRS Foundation plans to deepen implementation support for companies and enhance regulatory adoption support.  

Licensing ISSB Standards
On 13 November 2025 the IFRS Foundation hosted this webinar on ‘Real-world use cases of licensing ISSB Standards’ that covered the difference between free non-commercial use and commercial licensing of the Standards, the business benefits of licensing ISSB Standards and SASB Standards, real-world use cases of licensing for various industries, and guidance on how to get started with licensing.

IASB Research
The 2026 Review of Accounting Studies and International Accounting Standards Board (IASB) Conference will take place on 4-5 December 2026 at the University of British Columbia, Canada. Researchers can submit papers from 1 January 2026.   

IPSASB Work Program Consultation
The International Public Sector Accounting Standards Board® (IPSASB®) has published its Work Program Consultation  with a deadline for comments of 4 May 2026. Staff recommend that IPSASB develop a general sustainability-related disclosure standard, which would leverage its private sector counterpart – the ISSB's IFRS S1 – and set out general principles for sustainability disclosures in the public sector. Read more here.

Taskforce on Nature-related Financial Disclosures (TNFD)
Building on market best practices for climate transition plans, the TNFD has published guidance on nature in transition planning.

Global Reporting Inititaive (GRI)
On 19 November 2025, as reported by Corporate Disclosures, the Global Sustainability Standards Board (GSSB), the GRI’s standards board, voted unanimously to approve four exposure drafts, which will be issued later this month, on workers' rights and protections – with new and revised disclosures on policies and incidents relating to labour rights in companies' value chains, freedom of association, forced labour and child labour.
As a contribution to its MOU with the ISSB the GRI's standards board, the GSSB, has today approved a paper providing the GSSB’s view on complementarity of key players in the global reporting system. Listen to the discussion here and read the paper here.
The GRI’s public consultation to revise GRI 201: Economic Performance closes for comments on 17 December 2025. Read more here.

Transition Plans
The International Transition Plan Network (ITPN has launched this new tool to track transition plan regulations across countries. The overview reveals that mandatory mandatory adoption of transition plans is becoming the norm and gaining momentum. The EU risks falling behind in the global race toward credible transition planning.

US Developments
Corporate Dicslosures reports that on 19 November 2025 a US Federal appeals court issued an order to temporarily pause the enforcement of a California law (SB 261) requiring climate-related financial risk disclosures from 3,000 companies. Signed into law by Governor Gavin Newsom in 2023, SB 261 requires all companies doing business in the State to report in line with the TCFD framework on a biennial basis. The deadline for the first reports to be filed was set at 1 January 2026, but with the court order in place no action will be taken against in-scope companies that fail to provide disclosures before this date.

Science Based Targets initiative (SBTi) Issues ED
On 6 November 2025 the SBTi released a second draft of its revised Corporate Net-Zero Standard for public consultation. This blog article explains more.

IFAC have added a translation tool to its Small Business Sustainability Checklist to make it accessible in 250 languages.

12 December: 3rd EFRAG SME Forum Meeting, Online

2026
17-20 November: World Congress of Accountants (WCOA) 2026, Seoul, South Korea