NFI reporting is increasingly important for investors and other stakeholders, but the practice is more mature in certain countries than in others. For example, Denmark has mandatory sustainability reporting since 2009, but many European countries implemented NFI reporting requirements only in 2017 as a result of the EU NFI Directive transposition. Regardless, even in countries where companies have a history in NFI reporting, the quality is not yet as robust and reliable as could be expected.

Independent assurance on NFI is not mandatory in the majority of European countries. Evidence shows, however, that companies which ask for independent assurance on their NFI reports usually have better reporting practices. The assurance practitioner can identify issues and suggest areas of improvement. Given the different level of maturity of NFI reporting, assurance practitioners approach assurance engagements over NFI differently across jurisdictions and even across firms.