The changes mean that the reporting obligation for groups of undertakings that were originally required to start reporting under the new rules for the financial years 2025 (wave 2) or 2026 (wave 3) is postponed by two years.
Undertakings falling under wave 1, i.e. large public-interest entities with more than 500 employees (full-time equivalents), are still required to report on sustainability. The regulatory amendment does not entail any postponement for entities in this group. The Ministry of Finance states that it is closely monitoring the regulatory developments in the EU and will assess the need for further changes to the transitional rules to ensure that Norwegian undertakings face the same sustainability reporting requirements as those in the EU.
In connection with the European Commission’s simplification proposal (Omnibus I), the Commission also proposed to amend the thresholds for sustainability reporting so that the obligation would only apply to large undertakings with more than 1,000 employees. This proposal is currently under consideration by the Council and the European Parliament and has not yet been adopted. As far as we are aware, negotiations are expected to begin in October, with a decision anticipated by the end of 2025 or the beginning of 2026. However, the timing of the proceedings has not been confirmed.
See also the earlier article on the Omnibus package at bdo.no:
June 2025: Progress update from EFRAG on the simplifications to ESRS