Sustainability and ESG Reporting Software
ESG (Environmental, Social, and Governance) disclosure has become increasingly important, and many companies today cannot imagine operating without it. As a result, significant changes in sustainability reporting are inevitable.
Starting in 2025, many companies will be required to report on their environmental, social, and governance (ESG) aspects for the first time.
Under the Corporate Sustainability Reporting Directive (CSRD), approximately 50,000 EU companies must submit detailed sustainability reports as part of their digital management reports. Meanwhile, international initiatives worldwide are moving toward making such disclosures mandatory even for companies outside the EU.
For the latest information on the current draft of the European Sustainability Reporting Standards (ESRS), please refer to our partner LucaNet’s blog post.
Advantages of Using Our Reporting Management Software
Cost savings
Improved quality
Time efficiency
Process optimization
Microsoft Office products
Certified XBRL software
ESG Reporting – Recent Developments and AMANA (a LucaNet company) Contribution to EFRAG
The Task Force on Climate-related Financial Disclosures (TCFD) recommendations have now been integrated into corporate reporting agendas.
The creation of the International Sustainability Standards Board (ISSB) under the IFRS Foundation stemmed from the capital markets’ growing demand for ESG standardization. Switzerland proposed Geneva as the board’s headquarters and announced the mandatory implementation of TCFD from the 2023 financial year.
Germany followed similar steps in 2023.
Setting the right priorities within the broad ESG field is a major challenge. Our SmartNotes clients have been increasingly using the solution for ESG reporting for many years.
LucaNet strongly supports Accountancy Europe’s proposal for cooperation between EFRAG and the IFRS Foundation and actively contributes to the ongoing developments in this area.
Richard Bössen, Head of XBRL Development at LucaNet, is a member of the EFRAG working group, which recently published a Working Paper on the Climate Standard Prototype. The development of the XBRL standard is part of the group’s activities, and the implementation of these future standards across European countries is expected soon.
Challenges Easily Overcome with Our Partner Solutions
Identification, calculation, collection, and consolidation of required data sources using LucaNet partner solutions.
Use of disclosure management software to manage sustainability reports.
Automated data flow integration from multiple sources to eliminate manual errors and simplify final reporting.
Flexible report formatting and design options in Word or InDesign, as well as web-based report publication.
Digital tagging of sustainability and financial reports using ESRS or ESEF iXBRL taxonomies.
Audit and publication of final reports.
Do you have any questions? Contact us and we will advise you.
