EFRAG has released drafts for two sustainability reporting standards for SMEs for public consultation (ESRS LSME and ESRS VSME). This provides clarity on the extent to which large companies can demand sustainability information from SMEs, as ESRS LSME sets the upper limit for capital market-oriented SMEs. Conversely, the voluntary standard for non-capital market-oriented SMEs aims to support the standardization of sustainability data to respond to enquiries from business partners.

EFRAG has adopted the draft of the ESRS XBRL taxonomy for digital tagging of sustainability reports. In future, companies subject to the CSRD will have to disclose their reports in this electronic format. This will make sustainability information more easily accessible and increase transparency.

The BFG („Bundesfinanzgericht“) has commented on questions relating to violations of the limitation of deductions pursuant to § 20 para. 1 no. 7 Income Tax Act (“EStG”) on "manager salaries" and established criteria for culpability in the event of non-compliance with this limitation.

According to the World Economic Outlook (WEO) report issued by the International Monetary Fund (IMF) in October 2023, and based on economic conditions that currently exist in Ghana, Sierra Leone and Haiti, these countries are now considered to be hyperinflationary from 31 December 2023. Therefore, reporting entities in those countries will be required to apply IAS 29 'Financial Reporting in Hyperinflationary Economies'. Consequently, any entities with interim or annual financial reporting requirements at 31 December 2023 or thereafter should reflect IAS 29 in their IFRS financial statements.