Thomson Reuters has announced the latest evolution of its strategic partnership with SAP to introduce a product integration aimed at supporting customers with environmental, social and governance (ESG) reporting, simplifying compliance with emerging regulations for multinational corporations. The integration plans include combining Thomson Reuters ONESOURCE Statutory Reporting and SAP Sustainability Control Tower, enabling customers to prepare, gather, and file ESG data seamlessly within a unified solution.
This significant product collaboration will deliver a best of breed software solution, providing customers with the last mile report on top of SAP Sustainability Control Tower’s foundational ESG management capabilities. Businesses operating in, or connected to, the European Union (EU) will be able to comply with the obligations of the EU’s Corporate Sustainability Reporting Directive (CSRD), starting in January 2025 and expanding in scope and reach in subsequent years. As other countries roll out global standards – such as the US Securities and Exchange Commission (SEC) and the International Sustainability Standards Board (ISSB) – this partnership will provide the foundation to address the last mile reporting obligations.
“We are thrilled to be collaborating with SAP to reduce the complexity and burden of complying with emerging regulations,” said Ray Grove, head of corporate tax and trade at Thomson Reuters. “This integration represents a significant step forward in simplifying ESG reporting for global organizations, particularly in light of the upcoming CSRD requirements and other global ESG reporting requirements. Together, we are committed to helping businesses navigate the evolving regulatory landscape and achieving their sustainability goals.”
“The partnership with Thomson Reuters is part of SAP’s commitment to provide ERP-centric, cloud-based and AI-enabled sustainability solutions that meet the needs of businesses worldwide,” said Gunther Rothermel, Chief Product Officer and co-General Manager for SAP Sustainability. “The combination of SAP Sustainability Control Tower and Thomson Reuters ONESOURCE Statutory Reporting, provides our customers with last-mile reporting functionality based on the SAP Sustainability Control Tower data foundation.”
This announcement builds on the earlier news of the expanding partnership between Thomson Reuters and SAP, including:
- The June launch of the ONESOURCE Sales & Use Tax Compliance integration with SAP Document and Reporting Compliance for SAP S/4HANA, supporting customers in automating U.S. tax reporting.
- The certification of ONESOURCE solutions as SAP Endorsed Apps, including ONESOURCE Determination for SAP S/4HANA and SAP ERP (US/CA), ONESOURCE Determination (U.S.) for SAP S/4HANA Cloud, public edition, and ONESOURCE Tax Provision for SAP S/4HANA Cloud.
Thanks for reading CPA Practice Advisor!
Subscribe Already registered? Log In
Need more information? Read the FAQs
Tags: ESG
