Sustainability Reporting
New rules in the Accounting Act regarding sustainability reporting are being introduced gradually. Starting from the financial year 2024, certain large public interest entities will be required to report on sustainability.
From 2024: Large Public Interest Entities
Starting from the financial year 2024, large public interest entities (with more than 500 employees) are required to produce sustainability reports. This includes listed companies, banks, credit institutions, and insurance companies. Public interest entities generally follow the rules for large enterprises regardless of balance sheet total, sales revenue, or the average number of employees in the financial year.
From 2025: Large Enterprises
Starting from the financial year 2025, large enterprises, both listed and unlisted, are required to produce sustainability reports.
From 2026: Small and Medium-Sized Listed Enterprises
Starting from the financial year 2026, small and medium-sized listed enterprises are required to produce sustainability reports. However, they may postpone sustainability reporting until 2028, provided they include a brief statement in the annual report explaining the reason for the delay.
Exception for Micro-Enterprises
Micro-enterprises are to follow the rules for small enterprises. However, listed micro-enterprises are exempt from sustainability reporting requirements.
Sustainability Reporting for small enterprises
Small enterprises are not required to provide their own sustainability reporting but are indirectly affected when they are part of the value chain for larger enterprises with reporting obligations. Smaller enterprises can address sustainability by adopting standards such as the NSRS (Nordic Sustainability Reporting Standard) and VSME (Voluntary Sustainability Micro-Enterprise Standard). NSRS is tailored to Nordic conditions, while VSME is a voluntary EU standard for small enterprises. These standards help enterprises focus on energy efficiency, waste reduction, and responsible procurement. By following such frameworks, small enterprises can meet the demands of larger enterprises and improve their own competitiveness, creating an easier path toward sustainable operations.
Enterprise categories and size thresholds
The Accounting Act on Sustainability Reporting (in Norwegian only)
