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Since 2016, the European context has been characterised by the introduction of the Directive 95/2014/EU on mandatory non-financial reporting. The Directive has been transposed in the Italian context through the Legislative Decree 254/2016. However, following evidence previously collected from other jurisdictions, a high degree of scepticism by academics still characterises the debate on the effectiveness of this form of regulation. In fact, the literature highlights that the effects of a mandatory approach to non-financial reporting are limited to an increase in the annual quantity of information provided and not by an effective organizational change. Therefore, the contribution of our paper is twofold: a gap analysis between the overall degree of non-financial reporting quality between the years 2015 and 2017 and an empirical analysis, factors of which have impacted on the quality of non-financial reports prepared in 2017.

The Non-Financial Reporting Harmonization in Europe: Evolutionary Pathways Related to the Transposition of the Directive 95/2014/EU within the Italian Context