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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.

With the preliminary agreement on the Corporate Sustainability Due Diligence Directive (CSDDD), a further milestone in the European Green Deal has been reached. For the first time, the CSDDD puts corporate due diligence towards human rights and the environment at the forefront along the entire value chain. The significance of the issue is underscored by the far-reaching sanctions involved.

Many Central European companies have paid little attention to US sanctions so far. However, the regularly prevailing view that only EU sanctions apply to domestic companies is incorrect and quite risky. In addition to the location of the respective company, there are various factors that lead to Central European companies also increasingly coming into the focus of the US authorities.

The following case example is about the Swiss company Société Internationale de Télécommunications Aéronautiques SCRL (hereinafter "SITA"). Geneva-based SITA was ordered to pay a fine of nearly US$8 million for apparent violations. The following text summarises the information published by OFAC on this case.

Technology can help mid-market firms to offset the damage caused by soaring inflation. But how do companies globally ensure they get the best return on investment? Here, we explore the opportunities and risks for businesses in the year ahead.

We wish you a Merry Christmas and a Happy New Year!

COVID-19 has been an unprecedented shock for the global aviation industry, resulting in fleets of idle aircraft, empty airports and a huge drop in passenger numbers. And while large-scale vaccination programmes offer hope, some level of disruption looks set to remain for a significant period of time.

Draft law on the restructuring of companies has become necessary because Austria also has to comply with the implementation of an EU directive for pre-insolvency proceedings (by July 2021).

We would like to thank all our business partners and employees for their trust and successful cooperation in this extraordinary year 2020. We wish you and your family a Merry Christmas, relaxing holidays and a Happy New Year!

We are pleased to inform you that Grant Thornton Austria is moving to our new office location at Vienna Hauptbahnhof. Despite the majority of our people working remotely due to the current restrictions and regulations, we look forward to serving you from our new location going forward.

COVID-19 continues to challenge the business landscape like no other event before it and many in the mid-market are now fully-focused on building greater resilience into their operations. However, true resilience goes beyond short-term survival – it means achieving a velocity that returns your business to a growth trajectory.

Technology played a critical role in mitigating the impact of the virus. Whether helping employees to perform their jobs or providing a platform for fulfiling products and services, technology enabled new ways of doing business.

The mid-market already had a reputation for agility but the COVID crisis has forced leaders to take an even closer look at how their operations can be more responsive. As they prepare for the future, businesses are taking stock of their existing operations and questioning whether they are fit for purpose.

In the immediate aftermath of COVID-19, businesses looked to improve their cash flow management and focus on day-to-day survival, leaning heavily on government support packages. But longer-term, businesses will need greater liquidity as they move to financial self-sufficiency after governments scale back support.

The global pandemic has provided an enormous shock to businesses and, for many in the mid-market, fundamentally tested their ability to deal with crisis and disruption. Indeed, according to Grant Thornton's IBR data, 42.2% of global respondents think they will need to improve crisis management processes after the COVID crisis.