The French stock market regulator has called for harmonization of future European and international standards

The French Financial Markets Authority (AMF) wants non-financial accounting standards on which the European Commission and an international body are working to converge, to ensure a consistent framework for companies, according to documents published on Wednesday. AMF website.

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In two separate letters to the European Financial Reporting Advisory Group (Efrag) and the IFRS Foundation’s International Non-Accounting Standards Board (ISSB), the AMF welcomes initiatives aimed at creating standards on the environment or companies, for example for the calculation of greenhouse gas emissions responsible for global warming. .

a”essential pillar» Sustainable finance

MEPs voted in favor of the Sustainability Disclosure Directive (CSRD) at the end of June, which will apply to around 50,000 companies in the European Union. a”essential pillarAccording to AMF sustainable finance. In particular, European companies will, from 2024, have to provide detailed information on carbon emissions throughout their value chain.

On the other side of the Atlantic, the ISSB, the body that administers the reference global accounting standards, is also working on a first climate standard for the end of the year – a project supported by many jurisdictions. “AMF calls for uniformity and consistency among various standards to meet the expectations and interests of investors, companies and all stakeholders.“, writes the institution. It will, in particular,Beneficial for investors who operate globally in their decision-making processes, for companies who will see their reporting costs and operational burdens reduced“

Essentially, AMF positions itself on the concept of “Dual materialitywhich balance environmental, social and governance (ESG) risk reporting on the company (for example in the agricultural sector, expected future crop losses due to climate change) but also in describing the company’s impact on the climate or society. As a result, “The AMF invites the ISSB to take advantage of dual materiality in its standardization process, and to cover the entire ESG spectrum in its future standard development.“

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ISSB actually chose to start with bricks.”the climateIn its first standards, Europe aimed to cover more topics from the start, before expanding to other environmental and social issues.

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