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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

Issuer (type)

Assembly of the Republic (Government)

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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