1. Define Project Team and Responsibilities
The first step towards the annual report is to define the project team. Everyone involved must know who will take on which tasks in the project and how they will coordinate with each other. If you are working in the editorial system, access for those involved in the project must be ensured and the handling explained
2. Kick-Off Meeting
A kick-off meeting is recommended at the start of the project to discuss the process steps in detail and to get everyone involved in the project on board. A kick-off meeting serves to clarify the process and open questions as well as to define the areas of responsibility and the resulting tasks. Following the meeting, it should be clear to everyone what needs to happen when and how in order to complete the report successfully and on time. This applies to both the company and the external service providers involved.
3. Create A Time and Action Plan
The agreed procedures and deadlines should be recorded in writing in a time and action plan so that all project participants have an overview of whether they are on schedule with their tasks. Among other things, the schedule should state the time frame in which the texts for the report are to be created and coordinated, when the releases are to be made and who is responsible for the individual tasks. As part of project management, the schedule helps you to control the project and, in the event of any delays, to remind those responsible of the agreed deadlines. The company’s communication accompanying the annual financial statements can also be defined in such a schedule – for example, the preparation of a current company presentation, the press release or the organization of an analyst call.
4. Define Structure and Content
Before the actual text creation begins, a structure proposal should be agreed for the annual report. On the one hand, it has proven useful to develop a concept for the image section in order to convey suitable key topics in the report in addition to the mandatory parts subject to audit. For the preparation of the management report, the German Accounting Standards provide valuable guidance on what information on the business model and business development should be included. This helps you to ensure that the relevant information about the company is included in the management report, which is ultimately also requested and audited by the auditor.
5. Observe Reporting Requirements
International accounting standards and statutory regulations for the preparation of financial and sustainability reports are regularly amended. This is currently illustrated above all by the increasing requirements for sustainability reporting, which are being extended by the new Corporate Sustainability Reporting Directive (CSRD). At the beginning of the reporting project, it should therefore be checked once again that the reporting is in line with the current regulations.
Your contact for further questions about ESG reporting, the Global ESG Monitor or the various services offered by cometis AG:
Michael Diegelmann, by telephone at +49 611 20 58 55 18 or by e-mail at diegelmann@cometis.de