EU update - June 2026

Building on the priorities set out by the Irish EU Presidency, ACCA Brussels joined Accountancy Europe and IFAC for high-level discussions on the EU policy agenda shaping the future of the profession.

Senior leaders – including a member of Commissioner Albuquerque’s cabinet (Financial Services), EFRAG SRB Chair Kerstin Lopatta and ISSB Chair Emmanuel Faber – shared updates on CSRD/ESRS implementation and forthcoming Non-EU Groups European Sustainability Reporting Standards (N-ESRS).

ACCA contributed to conversations on ESG and AI assurance, the risks of over‑reliance on AI in audit, and the implications of upcoming audit supervision reform, emphasising the need for proportionate, internationally coherent rules that support SMEs and SMPs. This coordinated engagement ensures the profession’s priorities are clearly reflected in EU‑level debates at a pivotal moment. 

Following the European Commission’s consultation on the proposed 28th regime (EU Inc.), ACCA submitted targeted feedback to ensure SME needs and the profession’s priorities remain central to the debate.

As the file moves into discussions between the European Parliament and EU Member States (the Council), with the political target of adopting the legislation by end-2026, ACCA will continue engaging with policymakers, including European Commissioner Michael McGrath who leads the EU Inc. initiative, to promote a practical, digital‑by‑default regime that supports cross‑border growth and strengthens Europe’s competitiveness. 

The European Commission has released its Tech Sovereignty package, including the Cloud and AI Development Act (CADA), Chips Act 2.0 and the EU Open‑Source Strategy.

CADA introduces statutory audits as the pathway for cloud and AI providers to obtain EU‑recognised sovereignty status, with four assurance levels and independent third‑party audits required from level 2 onwards.

ACCA is assessing the implications for the profession and will engage with EU policymakers as the file advances. 

To help readers follow these fast‑moving policy files, ACCA Brussels prepared the timeline below, setting out the key developments and showing how each initiative is progressing at EU level:

Mid-July 2026 – N-ESRS consultation launch 

EFRAG will launch a four‑month consultation on the draft N‑ESRS, which will set consistent sustainability reporting requirements for non‑EU groups operating in the EU. Technical advice is expected in January 2027, with final standards due mid‑2027 and applying from the 2028 financial year for around 1,200 firms. 

Closing 24 July 2026 – CSDDD guidelines 

Commission seeks feedback on draft implementation guidelines aiming to provide practical orientation to very large EU companies and to non‑EU companies with significant business in the EU on how to fulfil their due diligence obligations under the Corporate Sustainability Due Diligence Directive (CSDDD). Adoption expected Q1 2027.  

30 September 2026 – Technical guidelines on limited assurance standards 

CEAOB will deliver its technical advice to the Commission on the EU limited assurance standards by 30 September, after which the Commission will launch a public consultation this autumn. 

Early 2027 – Audit supervision initiative 

Public consultation was anticipated over the summer but may be postponed to a later time. 

ACCA participated in the EFRAG’s 25th‑anniversary conference on 8 June in Brussels, underscoring the organisation’s longstanding role in providing the European Commission with independent technical advice on financial and sustainability reporting.

The event brought together senior policymakers, standard setters and practitioners to reflect on the future of European corporate reporting. Discussions highlighted early lessons from ESRS implementation, the need for further simplification and the importance of strong interoperability with ISSB standards.

The next major milestone will be the mid-July launch of the public consultation on the Exposure Draft for the N-ESRS, running until October, to which ACCA will be responding.