Draft Law on Amendment of Regulations Regarding Accounting and Audit: New Challenges for Businesses in Light of European Union Law

In recent years, the European Union has been intensively working on harmonizing and improving standards in the field of corporate reporting and auditing. In this context, a new legislative initiative has emerged aimed at implementing the provisions contained in the directives of the European Parliament and the Council (EU) 2022/2464 and the delegated Commission (EU) 2023/2775.

Changes in corporate reporting regarding sustainable development

The first of the aforementioned directives, 2022/2464, concerns amendments to regulations and directives related to reporting on sustainable development by companies. It introduces new standards regarding environmental, social, and governance information in firms, aiming to promote corporate responsibility and transparency in corporate actions.

The draft law, based on this directive, introduces new reporting requirements for companies, imposing on them the obligation to report not only financial results but also actions taken in the area of sustainable development.

Adjustment of enterprise size criteria

Another significant change resulting from the delegated Commission directive (EU) 2023/2775 is the adjustment of enterprise size criteria. The existing definitions of micro, small, medium, and large entities are being revised to better reflect economic reality and promote the development of small and medium-sized enterprises.

The draft law takes these changes into account, which may result in the need for companies to adapt to new requirements regarding classification and reporting obligations.


The draft law amending the Accounting Act, the Act on Certified Auditors, Auditing Firms, and Public Supervision, and certain other acts represents an important step towards harmonizing and standardizing accounting and auditing standards in accordance with European Union law.

The introduction of new reporting requirements related to sustainable development and the adjustment of enterprise size criteria pose challenges for firms, but also an opportunity to improve transparency, responsibility, and competitiveness of the European business sector.

It is expected that this project will contribute to the building of a more sustainable and competitive economy, in line with the values and goals of the European Union.

Do you want to know more?

Scroll to Top