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Norwegian Accounting Standards: Ensuring Compliance with SAF-T Reporting

As the Norwegian Transparency Act and Corporate Sustainability Reporting Directive (CSRD) take effect, businesses must ensure compliance with new reporting requirements to avoid potential penalties. To help companies navigate these changes, our experts outline essential steps for meeting SAF-T standards.

The Norwegian Transparency Act: Key Requirements

Effective July 1, 2022, the Transparency Act aims to promote human rights and decent working conditions in supply chains and business operations. Key requirements include:

  • Conducting due diligence on potential negative impacts
  • Publishing an annual statement (deadline June 30, 2023)
  • Responding to inquiries

The Norwegian Consumer Authority has begun inspections to ensure compliance, highlighting the need for companies to establish routines and guidelines.

CSRD: Substantial Changes for Sustainability Reporting

On January 5, 2023, the CSRD entered into force in the EU, amending the Non-Financial Reporting Directive (NFRD). Key changes include:

  • Increased reporting requirements for large and listed EU companies
  • Progressive implementation from 2024 to 2028, depending on company type
  • Mandatory inclusion of sustainability reporting in management reports
  • Double materiality assessment for ESG matters

The ESRS consists of 12 standards covering environmental, social, and governance issues. Two standards are mandatory, while the rest require a double materiality assessment.

SAF-T Reporting: Essential Steps

To ensure compliance with Norwegian accounting standards and meet SAF-T reporting requirements, companies must:

  • Implement solutions to meet specific needs
  • Establish routines and guidelines for due diligence and annual statements
  • Prepare for progressive implementation of CSRD requirements

Our experts are available to assist clients in addressing these changes and ensuring compliance.

Contact Us

For questions regarding the Norwegian Transparency Act, please contact:

  • Solfrid
  • Maja

For questions regarding SAF-T and Bookkeeping, please contact:

  • Joachim

For questions regarding new Tax Return, please contact:

  • Rigmor
  • Øyvind