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Transposition of EU NFR Directive: Amendment to the Accounting Act

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Summary

The Transposition of the EU Non-Financial Reporting Directive (2014/95/EU) into Portuguese law led to an amendment to the Accounting Act in 2016. The amendment requires large public-interest entities (PIEs) to disclose non-financial information, such as information on environmental, social, and employee-related matters, respect for human rights, and anti-corruption and bribery issues, in their management reports. This obligation applied to companies with more than 500 employees or with a turnover of over €40 million. The objective of the transposition was to increase transparency and accountability of large companies regarding their non-financial impacts and risks, thereby contributing to sustainable development.

Thumbnail image for The Transposition of the EU Non-Financial Reporting Directive (2014/95/EU) into Portuguese law led to an amendment to the Accounting Act in 2016. The amendment requires large public-interest entities (PIEs) to disclose non-financial information, such as information on environmental, social, and employee-related matters, respect for human rights, and anti-corruption and bribery issues, in their management reports. This obligation applied to companies with more than 500 employees or with a turnover of over €40 million. The objective of the transposition was to increase transparency and accountability of large companies regarding their non-financial impacts and risks, thereby contributing to sustainable development.
Issuer

Portugal

Year

2016

Region

Europe

Policy Type

Disclosure

Geographical scope

National

Mandatory or voluntary

Mandatory


Main industries targeted
  • Finance & Insurance
  • Administrative, Support, Waste Management
  • Education
  • Professional, Scientific, & Technical Services
Restrictiveness

Very High

Sustainable Development Goals (SDGs)
  • SDG 3: Good Health and Well-being
  • SDG 10: Reduced Inequality
  • SDG 16: Peace, Justice, and Strong Institutions
  • SDG 17: Partnerships for the Goals

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