2023

Nachhaltigkeit
18 December 2023

European Union:
Council and Parliament reach agreement on the European Supply Chain Directive (CSDDD)

On December 14, 2023, the Council of the European Union and the European Parliament reached a provisional political agreement on the Corporate Sustainability Due Diligence Directive (CSDDD) in the course of trilogue negotiations. The provisional political agreement will be formally adopted by the Parliament and Council in the coming weeks.

The European Supply Chain Directive will initially affect EU companies with more than 500 employees and a global net annual turnover of at least 150 million euros, as well as companies in certain sectors. Three years after the directive comes into force, large third-country companies with net sales of at least 300 million euros in the European Union will be included. The CSDDD obliges companies to comply with human rights and environmental standards along their global value chain.

Further information can be found in the press release of the European Council and the press release of the European Parliament.

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Rechnungslegung
20 November 2023

European Commission:
Delegated act to raise the thresholds for determining size classes

On October 17, 2023, the European Commission adopted a delegated act to raise the thresholds for determining the size classes of companies and groups. This raises the previous thresholds of total assets and turnover by approx. 25%. The thresholds for the size-dependent exemption from the group accounting obligation (Section 293 HGB) will also be increased by 25%. The number of employees remains unchanged.

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Nachhaltigkeit
3 November 2023

Press release:
The President of the German Chamber of Public Accountants Dörschell: "Audit of Sustainability Reports of German Business in good Hands with Auditors"

Draft law expected soon / Profession distinguished by strict independence rules and established supervisory system – Sustainability reporting will be one of the key challenges for German business in the coming years. The draft legislation to implement the European Corporate Sustainability Reporting Directive (CSRD) in Germany is expected shortly.

Andreas Dörschell, President of the German Chamber of Public Accountants (WPK), believes the profession is well positioned: "There is a lot to come for German companies. The auditing of their sustainability reports is in good hands with auditors. Because of the close links between financial and sustainability reporting, the auditor of the financial statements should also be the sustainability report auditor. This applies not only to the big players in our industry, about whom the public often speaks. Medium-sized and small practices are also available. The integrated audit does not lead to higher costs compared to an isolated audit. On the contrary, it avoids duplication of work and bureaucracy. This is enormously important, especially in difficult times for the economy.

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Rechnungslegung
15 September 2023

ESMA:
Updated ESEF Reporting Manual Published

On September 6, 2023, the European Securities and Markets Authority (ESMA) published an update to its ESEF reporting manual on the single European electronic format (ESEF Reporting Manual). The last update was made about a year ago.

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Berufspolitik
8 September 2023

Statement:
Draft of the amended ISA 570 (Revised) Going Concern

In a letter dated April 4, 2023, the WPK submitted comments to the International Auditing and Assurance Standards Board (IAASB) on its draft of the amended ISA 570 (Revised) Going Concern.

The WPK informed about the most important changes compared to the existing ISA 570 under "New on WPK.de" dated June 7, 2023.

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Nachhaltigkeit
1 September 2023

European Commission:
Set 1 of the European Sustainability Reporting Standards adopted

The European Commission adopted the Delegated Act on Set 1 of the European Sustainability Reporting Standards (ESRS) on July 31, 2023. It will enter into force following its publication in the Official Journal of the European Union.

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Nachhaltigkeit
7 July 2023

IAASB:
Adoption of the Draft International Standard on Sustainability Assurance (ISSA) 5000

On June 28, 2023, the International Auditing and Assurance Standards Board (IAASB) unanimously approved the draft International Standard on Sustainability Assurance (ISSA) 5000. Comments on the draft will be available from early August to early December 2023.

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Prüfung
7 June 2023

IAASB:
Draft of the amended ISA 570 on going concern

The IAASB issued Proposed International Standard on Auditing 570 (Revised), Going Concern, a draft of amended ISA 570 on going concern on April 26, 2023. Comments are requested by August 24, 2023.

Adoption of the revised standard is expected in December 2024. The effective date is proposed to be at least 18 months after adoption. Thus, in the case of fiscal years with the same calendar year, the amendments would affect annual and consolidated financial statements as of December 31, 2027 for the first time.

The main changes compared to the existing ISA 570 are:

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Berufspolitik
4 April 2023

Opinion:
Proposal for a Directive Harmonising Certain Aspects of Insolvency Law

WPK submitted an opinion on the European Commission’s Proposal for a Directive Harmonising Certain Aspects of Insolvency law to the Federal Ministry of Justice on 27 February 2023 and to the European Commission on 13 March 2023, and made two demands:

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Nachhaltigkeit
23 March 2023

WPK Position Paper on Transposing the CSRD into German Law

In its meeting of 25 January 2023, the Executive Board of the Chamber of Public Accountants (WPK) dealt with the transposition of the Corporate Sustainability Reporting Directive (CSRD) into German law for the first time.

The discussions focussed on the member states’ voting rights, the exercise of which has to be seen as setting the course for further implementation. The Executive Board has formed an opinion on these voting rights and summarised it in a position paper.

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Berufspolitik
2 March 2023

Opinion:
More Stringent Sanctions for Violations of EU Restrictive Measures

The European Commission is currently conducting a consultation on the Proposal for a directive on the definition of criminal offences and penalties for violations of Union restrictive measures. In the opinion of the Commission, the classification of a violation of European law on restrictive measures of the European Union as a criminal offence differs greatly in the legal systems of the member states. This and the maximum length of prison sentences and fines should now be harmonised.

Public/chartered accountants are currently affected due to the prohibition on providing auditing, accounting and tax advice services to Russian companies according to Art. 5n of Regulation (EU) 833/2014.

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Sonstiges
21 February 2023

Strengthening Justice in Economic Disputes and Introduction of “Commercial Courts”

The Federal Ministry of Justice has just published a Framework Paper on Strengthening Courts in Economic Disputes and Introducing Commercial Courts (in German). Public accountants or chartered auditors could be affected by the plan if they appear before civil courts as expert witnesses.

The aim of the plan is to permanently strengthen Germany as a place for justice and business. 

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Prüfung
14 February 2023

IAASB:
Consultation on the Inclusion of Audits of Group Financial Statements in the Proposed Auditing Standard for Less Complex Entities (LCE)

On 24 January 2023, the International Auditing and Assurance Standards Board (IAASB) published the draft of a section on auditing a group financial statement within the proposed audit standard for less complex entities (LCE) Proposed Part 10, Audits of Group Financial Statements of the Proposed International Standard on Auditing for Audits of Financial Statements of Less Complex Entities (ISA for LCE). Positions are requested by 2 May 2023.

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Nachhaltigkeit
7 February 2023

IESBA:
Save the dates! Four Round Tables on Sustainability

The International Ethics Standards Board for Accountants (IESBA) is organising four round tables on the subject of sustainability in late March/early April 2023 (times not yet known):

  • 24 March 2023, Paris
  • 30 March 2023, Sydney
  • 3 April 2023, Singapore
  • 6 April 2023, New York
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WPK
2 February 2023

Press release:
Public Accountant President Dörschell: “An audit is not a one-way street”

In the search for a public auditor in the Adler case, the profession has been unjustifiably criticised/obligation to contract counterproductive – In the search for a public auditor by the property company Adler Real Estate AG the profession has been unjustifiably criticised for an attitude of refusal, in the view of the Chamber of Public Accountants.

“When we read the recent press reports, we could gain the impression that the public accountancy profession is not meeting its obligations. The opposite is the case,” said Andreas Dörschell, President of the Chamber of Public Accountants, on 20 January 2023.

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Nachhaltigkeit
27 January 2023

CSRD entered into force on 5 January 2023

After the Corporate Sustainability Reporting Directive – CSRD, 2022/2464/EU was published in the Official Journal of the European Union on 16 December 2022, it entered into force on 5 January 2023. The previous CSR Directive (Directive 2014/95/EU) has therefore been replaced.

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Nachhaltigkeit
20 January 2023

Opinion:
Drafts of the European Sustainability Reporting Standards

The WPK participated in the Federal Ministry of Justice’s public consultation on the Drafts of the European Sustainability Reporting Standards (ESRS) and commented on them on 21 December 2022.

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Nachhaltigkeit
13 January 2023

EFAA:
Sustainability Guidelines for the Profession Published

The European Federation of Accountants and Auditors for small and medium-sized enterprises (EFAA for SMEs) has developed guidelines to give members of the profession an overview of the subject of sustainability reporting and makes proposals for how to react quickly to the current challenges. It also contains useful tips for how public/chartered accountancy firms can prepare to support their clients when compiling sustainability reports.

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