ABOUT THE SERVICE
Preparation of sustainability reports is an important step in order that the company could accordingly inform others of its activity and the impact of its sustainability.
A FEW ASPECTS TO BE CONSIDERED IF YOU PLAN TO PREPARE A SUSTAINABILITY REPORT IN LATVIA:
Law requirements
- In accordance with the Law on disclosure of sustainability information, companies in Latvia will have to include a digital sustainability report in their annual reports. They will have to be examined by a certified auditor.
ESRS standards
- When preparing a sustainability report, you will have to comply with the Sustainability Reporting Standards (ESRS), adopted and published in the EU Official Gazette. These standards include information disclosure requirements on the aspects of the environment, social responsibility and management.
Reporting format
- The annual report together with the sustainability report will have to be submitted to the State Revenue Service (SRS) in the uniform electronic reporting format – XHTML format and the sustainability information should be marked in accordance with Inline XBRL (iXBRL) specification.
Company specifics
- Each company is unique, therefore the sustainability report should be adjusted to the specific areas of activity, risks and possibilities of the company.
Subjects of the Law
- Registered big companies and parent companies of big groups;
- Small companies, except micro enterprises, and medium companies, whose transferable securities are admitted to trading on a regulated market;
- Subsidiaries of third-country companies;
- Branches according to certain criteria.
