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5.February.2025
News

AML: New BaFin interpretation and application notes (AuAs)

On February 1, 2025, the amended interpretation and application notes (AuAs) on the german Anti-Money Laundering Act (GWG) published by BaFin on November 29, 2024 came into force. This revision of the AuAs brings important changes for supervised companies: Significant innovations Shortened update periods for customer data: Annual review for enhanced due diligence, every five years for medium risk Guidelines for verifying beneficial owners: Data must be collected directly from the contractual partner. Collection solely with the help of publicly accessible sources, credit agencies or f…
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31.January.2025
News

Audit opinion on sustainability reporting CSRD: IDW turns to EU Commission

Background In November 2024, the EU Commission published an FAQ on sustainability reporting (see: FAQ of the European Commission). In a letter to the EU Commission, the Institute of Public Auditors in Germany (IDW) has expressed its concerns regarding the contents of the FAQ. What are the IDW's concerns and what are the consequences for companies? Assistance yes, but additional requirements must not arise In view of the challenges involved in interpreting the CSRD and the ESRS, the IDW considers the FAQs to be a valuable source of guidance. However, the IDW emphasises that the rights …
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24.January.2025
News

FAQ from the European Commission on sustainability reporting

The European Commission has recently published answers to frequently asked questions on the interpretation of the CSRD. Although many points echo the regulations of the CSRD, the EU also offers important insights into the interpretation of ‘reasonable efforts’, the obligation to report on intangible resources and the supervision of reporting. The key findings are summarised below. Requirements for the disclosure of information along the value chain The European Sustainability Reporting Standards (ESRS) require companies to disclose material information about their value chain. The inform…
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19.November.2024
News

Impact of the Corporate Sustainability Reporting Directive (CSRD) not being transposed into German law by 31 December 2024

Background The European Union's CSRD requires transposition into national law to become legally effective. Due to the open legislative process in Germany and the break-up of the governing coalition, it is unlikely that the CSRD Implementation Act (CSRD-UmsG) will be passed by 31 December 2024. This has far-reaching consequences for the ESG reporting obligations for the financial years 2024 and 2025 and their audit. Consequences for companies reporting under ESRS for the first time in 2024 The following aspects arise for companies that would be required to report under the European Sus…
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27.September.2024
Audit, News

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 …
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5.July.2024
Audit, News

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…
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5.July.2024
Audit, News

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 …
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25.April.2024
News

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…
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4.April.2024
News, Tax

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…
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4.April.2024
Audit, News

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…
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