The event, which was held on 19 November 2024, at Lemon Park, was attended by senior executives from Cypriot and multinational corporations. The event explored the connection and the dynamic interplay between financial and sustainability reporting, in an effort to enable investors and other key stakeholders to obtain a complete, connected and coherent corporate report.
During the event, Andreas Avraamides, Assurance Services Leader, welcomed attendees and emphasized the theme of ‘Connectivity’ in corporate reporting, highlighting EY's leadership in integrating financial and sustainability reporting. He also acknowledged the evolving landscape amidst global uncertainties and introduced the presenters and the panel of experts, encouraging active engagement from the audience. Stavros Violaris, Financial Accounting and Advisory Services (FAAS) and Climate Change and Sustainability Services (CCaSS) Leader, discussed the growing demand for corporate transparency and celebrated the EU's approval of the Corporate Sustainability Reporting Directive (CSRD), stressing the importance of collaboration to achieve true Connectivity.
Christiana Panayidou, Central, Eastern, South-Eastern & Central Asia (CESA) Corporate Reporting Leader, provided updates on regulatory and market trends, emphasizing the volatile environment and the importance of compliance with new ESG reporting requirements, like the European Sustainability Reporting Standards (ESRS). She also discussed ESMA's 2024 common enforcement priorities and the increasing expectations from regulators on the consistency between the information provided in the non-financial disclosures and the information used in the assumptions and disclosures in the financial statements.
Chara Skordi, FAAS Manager, covered the IFRS Technical Update, focusing on new pronouncements for 2024 and recent IFRIC Agenda decisions, including amendments to IAS 1, IAS 12, IFRS 16, IAS 7, and IFRS 7. Christina Argyrou, FAAS Manager and member of CESA Corporate Reporting desk, discussed amendments effective in 2025 and beyond, including those to IFRS 9 and IFRS 7, and introduced IFRS 18 and IFRS 19, emphasizing the importance of early preparation. Constantina Charalambidou, FAAS Director and member of CESA Corporate Reporting Desk, recapped the CSRD, highlighting the different phases of its scope and the importance of double materiality assessment, and discussed ESMA's public statement on the first-time application of ESRS by larger issuers. She further discussed the support provided by EFRAG and the European Commission for CSRD implementation, including guidance material and the EFRAG ESRS Q&A platform.
Pantelis Pavlou, Director and member of CESA Corporate Reporting Desk, facilitated a panel discussion featuring Małgorzata Matusewicz, EY Poland Partner and CESA Sustainability Reporting Desk Leader, Katerina Mina, Assurance Services Partner, and Christiana Panayidou, focusing on the concept of Connectivity in corporate reporting. Małgorzata specifically addressed climate-related risks and the relevance of transition plans to achieve net zero, providing practical examples from actual entities. She also emphasized the need for strong connections between sustainability and financial reports, avoiding boilerplate information, and ensuring consistency and coherence, noting that regulators like ESMA continue to focus on these areas.
Reflecting on the event, Andreas Avraamides remarked: "This year we delved deeper into the theme of ‘Connectivity’, a concept that has become increasingly pivotal in the realm of corporate reporting. Connectivity is the thread that weaves together the various facets of an organization, bridging sustainability initiatives with financial reporting to create a cohesive narrative. Amidst this sea of change, one thing is certain: we are on an extraordinary and complex journey in the realm of corporate reporting. It’s a journey replete with opportunities to redefine how organizations communicate their impact and value creation story. EY remains committed to offering insights on recent developments and swiftly evolving regulatory requirements to assist companies in adhering to new standards and presenting a thorough view of their performance to stakeholders."
From his side, Stavros Violaris commented: "In today's dynamic environment, capital providers, key stakeholders, and society demand comprehensive corporate information that integrates all relevant data. This push for transparency has gained support from policymakers and standard-setters. The Corporate Sustainability Reporting Directive (CSRD) sets the standards for sustainability reporting, enabling informed decisions by governments, financial institutions, companies, entrepreneurs, and consumers for a sustainable future. Implementing these requirements poses challenges for everyone in the reporting process, including preparers, investors, and professionals. It is crucial that we collaborate to address these challenges promptly, elevating corporate reporting and achieving true Connectivity."
