Workiva’s ‘Annual Reporting Barometer 2023: Facing up to the CSRD’ report found that EU firms are “running out of time” to comply with the Corporate Sustainability Reporting Directive (CSRD). Four in five of the respondents said they will be complying with the CSRD in the future, and 94% of the European firms surveyed are working to become compliant by 2024. The compliance platform provider’s second annual report, which surveyed 509 finance leaders, said that reporting teams may struggle to absorb the shock of CSRD if working with a primarily manual process. Workiva’s report said that annual reporting processes were already under strain, with its data highlighting “real concerns” about the realities of complying with CSRD. Thirty-seven percent of respondents to Workiva admitted to feeling “overwhelmed” and “exceeding their capacity” during the previous reporting period, with 60% of respondents in the UK and Ireland saying they were over capacity.
A new independent study reveals that many organizations operating in the EU say they are at risk of running out of time to comply with #CSRD by 2024.
— Workiva (@Workiva) May 17, 2023