Summary
These regulations implement the use of the International Financial Reporting Standards (IFRS) for entities authorized, regulated and supervised by the Financial Supervisory Authority. It outlines the reporting and auditing requirements of annual financial statements, including the expected content of the management report and financial statements. Article 8 implements the EU Directive 2014/95 / EU regarding the disclosure of non-financial information. Entities with an average of 500 employees during the financial year are required to prepare a non-financial statement as part of the management report, including information in relation to environmental issues, social and personal, human rights, and combating corruption and bribery. The statement should include a brief description of the business model, a description of the policies, results, main risks and key performance indicators in relation to relevant non-financial issues. Where an entity does not implement policies in regards to non-financial issues, they must explain why.