Directive 2013/34/EU on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC.

This Directive lays down coordination measures to be applied to the laws, regulations and administrative provisions of the Member States relating to the types of undertakings listed in Annexes I and II. Article 3 determines the criteria of undertakings and groups at the micro, small, medium and large scale. According to this Directive, the annual financial statements shall comprise the balance sheet, the profit and loss account and the notes to the financial statements, as a minimum. The Member States may require other statements in the annual financial statements in addition to the aforementioned compulsory documents.
This Directive sets out provisions concerning the balance sheet and the profit and loss account; financial reporting principles; notes to the financial statements; disclosures; management report; sustainability reporting; corporate governance statement; consolidated financial statements and reports; sustainability reporting standards; single electronic reporting format; publication requirements; auditing and assurance of sustainability reporting; sustainability reporting standards for third-country undertakings; reporting on payments to governments; and reporting on income tax information.
It compels large undertakings, and small and medium-sized undertakings, except micro undertakings, which are public-interest entities to include in the management report information necessary to understand the undertaking’s impacts on sustainability matters, and information necessary to understand how sustainability matters affect the undertaking’s development, performance and position. The sustainability reporting standards shall, taking into account the subject matter of a particular sustainability reporting standard: (i) specify the information that undertakings are to disclose about climate change adaptation and mitigation, including greenhouse gas emissions; water and marine resources; resource use and the circular economy; pollution; and biodiversity and ecosystems; (ii) specify the information that undertakings are to disclose about the social and human rights factors; and (iii) specify the information that undertakings are to disclose about the governance factors, such as business ethics and corporate culture, including anti-corruption and anti-bribery, the protection of whistleblowers and animal welfare.