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EFRAG decides on drafts of sector classification and first ESRS sector standard

Background The EFRAG has approved the drafts for the sector classification and the sector standard for the oil and gas sector for public consultation. This is an important step towards EFRAG's goal of developing complementary standards for sustainability-related industries. The application of the sector standards finalised by then is expected to be mandatory for all reporting companies from June 2026. For this requirement, companies must generate at least 10% of their revenue in one of the covered sectors or be associated with material actual or potential negative impacts there. Content …

EFRAG publishes further support for the implementation of the ESRS

Background The EU's Corporate Sustainability Reporting Directive (CSRD) is estimated to affect over 11,000 German companies. These companies are required to report in accordance with EFRAG's European Sustainability Reporting Standards (ESRS). Dealing with double materiality and the value chain as well as deriving the relevant disclosure requirements is proving to be particularly challenging for many companies. Final publication of the EFRAG Implementation Guidances To this end, EFRAG has published further recommendations ("Implementation Guidances") to help companies with implementati…

Federal ministries draft relief for the Supply Chain Due Diligence Act (LkSG) and the Corporate Sustainability Due Diligence Directive (CSDDD)

Background The Ministries of Economic Affairs (BMWK) and Labour (BMAS) have jointly developed a working paper that includes reliefs for companies that are directly or indirectly affected by the LkSG. The CSDDD following the LkSG in 2026 extends the accountability obligations to over 17,000 companies, which will also require this accountability from their suppliers. This means that indirectly affected companies should also start to analyse their sustainability practices. The draft deals with reliefs in the audit practice of the Federal Office of Economics and Export Control (BAFA), which …

nbs partners has received the certificate “Climate Neutral Company”

We have received the certificate "Climate Neutral Company" for the first time. This means that we have reduced our emissions of Greenhouse Gases to zero emissions by reduction and compensation. We are pleased that we have taken this first step and thereby made a small contribution to climate protection. Supporting the 17 Sustainable Development Goals (SDGs) of the United Nations for sustainable development on an economic, social and ecological level is a matter of personal concern to us. However, we are clearly aware that this is just the starting point and that we must work together to contin…

Germany’s best tax advisors 2024 – nbs partners receives award again

Germany’s most renowned financial newspaper Handelsblatt has once again honored tax advisory firms in the field of tax advisory for the year 2024. nbs partners is once again one of the top tax advisory firms in Germany and receives the "Best Tax Advisors 2024" award from Handelsblatt. "It fills us with pride that our quality has also been confirmed externally in this way," says Boris Michels, partner and tax consultant at nbs partners.  In the study conducted by the Hamburg-based market research company S.W.I. Finance Deutschland on behalf of Handelsblatt, the aim is to answer speci…

Germany’s best auditors 2024 – nbs partners again receives award

Germany’s most renowned financial newspaper Handelsblatt has honored CPA firms in the field of auditing for the year 2024. nbs partners is once again one of the top CPA firms in Germany and receives the "Best CPAs 2024" award from Handelsblatt. "We are very proud that our auditors have once again been recognized by Handelsblatt. This once again confirms our own claim, which we also see in the growth segment of sustainability reporting and its auditing in the coming years," says Tobias Schreiber, partner and auditor at nbs partners.  In the study conducted by the Hamburg-based market…

Two new Sustainability-Auditors (IDW) at nbs partners

We are very happy to announce that our CPAs Boris Michels and Daniel-André Danneberg have both received the qualification of Sustainability-AuditorIDW. They are among the first group of German and Swiss CPAs who have passed this new exam organized by the German Institute of Certified Public Accountans and Expert Suisse for the first time in 2023. By this, we are in an outstanding and first mover position to advise our clients in setting up state of the art sustainability reports or audit / review such reports. Do you need support? Then please contact us, we will be happy to help you.…

CSDDD: Corporate Sustainability Due Diligence Directive – what companies need to know now

On 14 December 2023, the European Council and the European Parliament reached a provisional agreement on the Corporate Sustainability Due Diligence Directive (CSDDD). The directive, which is also known as the European Supply Chain Act, is intended to improve the human rights situation, protect environmental concerns and advance international climate protection goals. The downstream value chain must also be taken into account. Scope of application The CSDDD will cover large companies with more than 500 employees and a global net turnover of more than EUR 150 million. Companies with more t…

European Commission publishes draft for adoption of ESRS

The European Commission published the long-awaited draft delegated act on the first set of European Sustainability Reporting Standards (ESRS) on June 9, 2023. Companies and stakeholders had until July 7, 2023 to submit comments on the draft. The final version is expected to be published by the end of July. The draft is based on the ESRS drafts developed by the European Financial Reporting Advisory Group (EFRAG) (Set 1), which were submitted to the EU Commission in November 2022. It includes some significant changes compared to the original drafts, which aim to reduce entities' reporting req…

Germany’s Best Tax Consultants 2023 – nbs partners receives award again

The most relevant German financial magazine “Handelsblatt” has again awarded firms in the field of tax consulting for the year 2023. nbs partners is again one of the top tax consulting firms in Germany and receives the award "Best Tax Consultants 2023" from the Handelsblatt. "It fills me with pride that we have been awarded in the specialist area of "Trade". This shows that our focus on tax consulting in national as well as international trade is leading" says Niels Webersinn, tax consultant at nbs partners. This once again confirms the consistently high quality of tax advice provided to clie…