On 26 June 2017, the European Commission (the "Commission"), published guidelines on the methodology to be adopted by certain large companies and groups when reporting non-financial information under Directive 2014/95/EU amending the Accounting Directive. The Commission's intention is to improve the quality, relevance, usefulness, consistency and comparability of companies' non-financial information in a way that creates greater market transparency for stakeholders and so fosters growth. The guidelines are based around key principles, which include the guidance that disclosure must:
- contain all contextualised material information;
- be fair, balanced and understandable;
- be comprehensive and concise;
- be strategic and forward looking;
- be stakeholder orientated; and
- be consistent and coherent. The full text of the guidelines is available here:
- http://ec.europa.eu/transparency/regdoc/rep/3/2017/EN/C-2017-4234-F1-EN-MAIN-PART-1.PDF
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