ESRS 2, SBM-1, 41 states the following (see below). Could anyone let me know if this is applicable to Germany?
“If the undertaking is based in an EU Member State that allows for an exemption from the disclosure of the information referred to in Article 18, paragraph 1, sub-point (a) of Directive 2013/34/EU ( 22 ) , and if the undertaking has made use of that exemption, it may omit the breakdown of revenue by significant ESRS sector required by paragraph 40(b). In this case the undertaking shall nevertheless disclose the list of ESRS sectors that are significant for the undertaking.”
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Hi Fatima,
Article 18(1)(a) of Directive 2013/34/EU (also known as the Accounting Directive) provides for exemptions from certain disclosure requirements in the notes to the annual financial statements – particularly for subsidiaries included in consolidated financial statements. Companies included in the consolidated financial statements of a parent company may be exempted from certain disclosure requirements if the consolidated financial statements comply with EU requirements and have been published.
German implementation:
§ 264 Abs. 3 HGB – Befreiung von der Offenlegung des Jahresabschlusses
A corporation is not required to disclose its annual financial statements if it is included in the consolidated financial statements of a parent company and meets certain requirements (e.g., publication of the consolidated financial statements, declaration of exemption, etc.).
§ 286 Abs. 3 HGB – Befreiung von bestimmten Anhangangaben
Companies may omit certain disclosures in the notes (e.g., regarding shareholdings or transactions with related parties) if they are part of a group and certain conditions are met (similar to the above).
However, these exemptions primarily relate to financial statement disclosures, not to sustainability reporting. The CSRD and ESRS are new legal layers that go beyond the original scope of the Accounting Directive and the CSR-Richtlinie-Umsetzungsgesetz (CSR-RUG) in Germany.
ESRS 2, SBM-1, 41 is potentially applicable in Germany, but:
- It depends on whether the company qualifies for and uses the relevant exemption under § 264(3) or § 286 HGB
- It’s not yet clarified whether these exemptions extend to sustainability reporting under CSRD/ESRS
¡Muchas gracias, Annalena, por tu respuesta! Me ha sido muy útil.