Search Results for: Latvia

The International Sustainability Standards Board (ISSB) is considering a report highlighting difficulties in implementing its first two standards, with board members to consider whether they need amending. The paper focuses especially on problems linked to IFRS S2 on climate-related disclosures, such as concluding paragraphs being “unclear and [that] appear contradictory” to requirements in IFRS S2 regarding disclosure of “scope 3 category 15 GHG emissions”, for example.…

European Union (EU) member states are failing to implement mandatory sustainability reporting rules imposed by the EU’s corporate sustainability reporting directive (CSRD), the European Commission has concluded. It has opened infringement procedures against 17 of the 27 EU countries saying they have failed to properly write the directive into their national legislation: Austria, Belgium, Cyprus, Czechia, Estonia, Finland, Germany, Greece, Latvia, Luxembourg, Malta, the Netherlands, Poland, Portugal, Romania, Slovenia and Spain.…

Budget constraints are threatening the ability of the European Public Prosecutor’s Office (EPPO) to continue investigating VAT fraud, especially as it expands to take on newcomers Poland and Sweden this year, the Luxembourg-based office is warning. The EPPO College (1), a management board composed of the European Chief Prosecutor, Laura Kövesi, and prosecutors from the now 24 participating member states – has been pushing for a much bigger budget as the agency’s workload rises.…

European Union (EU) member states have been adapting to the new legal guidance on access to their national registers of ultimate beneficial owners (UBOs) following the November 2022 ruling (1) at the European Court of Justice (ECJ) and a new EU directive published June 19 (2024).…

Bio-based oils and fats producers have an increasing business opportunity to supply feedstock to a booming bioplastics industry. While governments are proactively encouraging biodegradable bioplastics, following the United Nations’ Sustainable Development Goals’ (SDGs) policy of reducing standard plastics pollution (1), this green industry is still nascent.…

The European Union’s (EU) new Anti-Money Laundering Authority (AMLA) is being hailed as a ‘game changer’ in the battle against dirty money by Europe’s lawmakers, even before it officially starts work at its Frankfurt base on July 1, 2025. But it will be a long road to get to full cruising speed, as planned for 2028, when AMLA is projected to directly supervise Europe’s 40 most ML-risky banks and other financial institutions that operate in six or more EU countries.…

THE MANDATORY rollout of deposit and return systems (DRS) within the European Union (EU) and an obligatory 90% collection of metal beverage containers (of up to three litres) target by 2029 should boost packaging collection and reduce litter across Europe. These principles have now been enshrined, after much debate – in the EU’s packaging and packaging waste regulation (PPWR), first proposed in November 2022 (1), which is close to securing formal approval.…

The European Union (EU) Council of Ministers has given its final approval to an EU directive insisting that EU member states criminalise and impose dissuasive punishments on the deliberate evasion of sanctions (1).

This law has been drafted amidst rising concern that Russia and Russians are effectively bypassing the slew of sanctions ordered following their country’s ongoing full-scale invasion of Ukraine (2).…

Accountants and their clients within the European Union (EU) have had to avoid trading with an increasing number of sanctioned individuals and companies, especially in Russia, following its invasion of Ukraine. Now, with sanctions evasion being criminalised across the EU under a new proposed law, the risk of exposure to sanctions for EU companies and their accountants and auditors has risen further – both when dealing with actors subverting these measures and when undermining sanctions themselves, of course.…

While the Baltic States’ metal can industry relies largely on imported packaging, the two industries which routinely utilise local production are the beverage (specifically beer), and canned fish industry. While there were far more production facilities today within independent Estonia, Latvia and Lithuania than when these countries were part of the Soviet Union until 1991, the sector has been declining.…