The Danish Financial Supervisory Authority and the Danish Business Authority have published their annual report on the accounting enforcement work for listed companies, summarising key findings, common error types and reporting trends from reviews conducted during 2025. The report also covers their work on sustainability reporting under the Corporate Sustainability Reporting Directive (CSRD) and sets out the European Securities and Markets Authority’s European Common Enforcement Priorities for 2025 and 2026. At end-2025 Denmark had 183 listed companies, including 79 financial firms. Supervisors selected 11% of listed companies’ annual or interim reports for review, closing 17 cases in 2025, of which nine were closed without errors or breaches and eight involved errors (seven annual reports and one interim report); 14 cases remain open and continue into 2026. Selection was predominantly risk-based (59%), with the remainder drawn randomly or via a rotation approach. The report highlights disclosure issues including IFRS 8 geographic revenue disclosures, where firms were required to disclose revenue split between Denmark and abroad and to separately disclose revenue from a material single foreign country (for example the United States) rather than only regional aggregates. On sustainability reporting, the authorities describe a transition period linked to evolving European Sustainability Reporting Standards and simplification work under the Omnibus package, and indicate that through end-2026 their approach is focused on analysis and guidance rather than launching sustainability reporting control cases, except where very serious and pervasive errors are identified. The Danish Financial Supervisory Authority’s 2025 review of first CSRD sustainability reports for FY2024 covered 21 financial institutions, with sample checks of five firms against ESRS 2 and ESRS E1, and identified weaknesses in descriptions of double materiality processes and gaps in climate targets, actions and scope 3 disclosures, often attributed to limited or insufficient-quality data. The report also summarises ESMA’s 2026 enforcement priorities, including geopolitical risks and uncertainties and segment reporting for financial statements, continued attention to double materiality and sustainability report scope and structure, and improved European Single Electronic Format tagging quality, particularly around comparatives, multiple currencies, signs, decimals and excessive use of extensions.
Danish Finanstilsynet 2026-04-27
Danish Financial Supervisory Authority and Danish Business Authority publish 2025 accounting enforcement report covering listed-company reporting errors and early CSRD sustainability reporting observations
The Danish Financial Supervisory Authority and Danish Business Authority published their 2025 accounting enforcement report for listed companies, highlighting common disclosure errors, including deficiencies in IFRS 8 geographic revenue disclosures, and outlining ESMA’s European Common Enforcement Priorities for 2025 and 2026. On sustainability reporting under the CSRD, the authorities signal a transitional focus on analysis and guidance through end-2026, while a 2025 review of first CSRD reports by 21 financial institutions found weaknesses in double materiality and climate-related disclosures, and underscored ESMA’s continued focus on double materiality, report scope and structure, and ESEF tagging quality.