MAPPING THE IMPACT OF CSRD ON NON-FINANCIAL REPORTING: A SYSTEMATIC QUALITATIVE REVIEW OF ACADEMIC LITERATURE AND LEGISLATIVE PROVISIONS
MAPPING THE IMPACT OF CSRD ON NON-FINANCIAL REPORTING: A SYSTEMATIC QUALITATIVE REVIEW OF ACADEMIC LITERATURE AND LEGISLATIVE PROVISIONS
Luciana Simona PASCU (MIHĂILĂ), Oana-Raluca IVAN
“1 Decembrie 1918” University of Alba Iulia, Romania
pascu.luciana.sdc2025@uab.ro, raluca.ivan@uab.ro
Abstract: This article examines the impact of the Corporate Sustainability Reporting Directive (CSRD 2022/2464/EU) on companies operating in Romania and the European Union, against the backdrop of a fundamental transformation in the nonfinancial reporting framework. Through a systematic review of specialized literature, a comparative legislative analysis and an original quantitative textual analysis of the two directives’ official texts, the study identifies the structural novelties introduced by the CSRD relative to its predecessor, the Non-financial Reporting Directive (NFRD 2014/95/EU). The paper addresses three research questions: (RQ1) What are the main normative and qualitative differences between the NFRD and CSRD? (RQ2) To what extent does Romania’s current legislative framework align with CSRD requirements? (RQ3) What is the estimated magnitude and timeline of CSRD’s impact on Romanian companies? The term frequency analysis demonstrates that the CSRD operates a substantial qualitative and quantitative extension of the NFRD, shifting the lexical center of gravity from general disclosure concepts to a structured normative architecture founded on standardization, double materiality and independent assurance. The qualitative analysis reveals that the CSRD does not represent a mere technical update, but a paradigm shift from a voluntary selective model to a verifiable accountability regime, with profound implications for stakeholder theory, organizational legitimacy and sustainable capital allocation. The findings indicate that Romania faces a significant compliance gap, with current legislation covering fewer than 100 entities compared to the projected 1500 – 2000 companies to be directly affected by 2027. The conclusions emphasize that this legislative transition presents both significant opportunities for investment attractiveness and substantial challenges related to institutional capacity and compliance costs.
Keywords: CSRD; NFRD; non-financial reporting; sustainability; double materiality; Romania; ESRS.
JEL Classification: M40; M41; M42.
