Regulatory Reporting Verification of Non-Financial Information
The verification of non-financial information ensures transparency and regulatory compliance in social responsibility and sustainability of organizations
Independently verified information. Building trust in society
Law 11/2018, of 28 December, amending the Commercial Code, the revised text of the Capital Companies Act approved by Royal Legislative Decree 1/2010, of 2 July, and Law 22/2015, of 20 July, on Account Auditing, on non-financial information and diversity, requires certain organizations to report annually non-financial information, i.e. environmental, social, personnel, respect for human rights, anti-corruption and anti-bribery and information about society itself .
Since 2021, companies in which the following requirements are met are required to submit the statement of non-financial information, individual or consolidated:
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That the average number of workers employed by the company or group, as the case may be, during the year is greater than 250.
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That either are considered to be public-interest entities in accordance with the legislation on auditing of accounts, for two consecutive financial years, meet at the closing date of each of them, individually or consolidated, as the case may be, at least two of the following circumstances:
- That the total of the assets is greater than 20,000,000 euros.
- That the net amount of the annual turnover exceeds 40,000,000 euros.
- That the average number of workers employed during the year is greater than 250.
Transparency and Compliance: Verification of Non-Financial Information
The verification of non-financial information guarantees transparency and regulatory compliance in social responsibility and sustainability, promoting trust and responsibility in organizations.
Request informationThe Transitional Provision of Law 11/2018 provides that, three years after its entry into force, the obligation to submit the statement of non-financial information will be applicable to all those companies with more than 250 employees that are either considered to be public-interest entities in accordance with the legislation on auditing of accounts (with the exception of entities that are classified as small and medium-sized enterprises in accordance with Directive 34/2013), or, for two consecutive financial years, they meet, at the closing date of each of them, at least one of the following circumstances:
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That the total of the assets is greater than 20,000,000 euros.
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That the net amount of the annual turnover exceeds 40,000,000 euros.
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How should SMEs approach the preparation of their Non-Financial Statements?
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Course: Workshop on the preparation of statements of non-financial information
Directive 2014/95/EU boosted business sustainability and investor and consumer confidence. In 2018, Spain adapted it with Law 11/2018. In 2023, the CSRD replaced the NFRD, requiring further adaptation.