For the first time, a common language for disclosing the effect of climate-related risks and opportunities on a company’s prospects. Integrating of sustainability reporting into the broader financial reporting process. In the same reporting package.
The IFRS Foundation’s International Sustainability Standards Board (ISSB) announced yesterday the official launch of its new General Sustainability-related Disclosures (IFRS S1) and Climate-related Disclosures (IFRS S2). And through the week, more events hosted by stock exchanges around the world, including Frankfurt, Johannesburg, Lagos, London, New York and Santiago. The ASEAN Capital Markets Forum is also hosting a launch event in Singapore.
The Standards have been developed to be used in conjunction with any accounting requirements. They are also built on the concepts that underpin the IFRS Accounting Standards, which are required by more than 140 jurisdictions. The ISSB Standards are suitable for application around the world, creating a truly global baseline.
Companies already reporting to SASB Standards, TCFD Recommendations, and the CDSB and Integrated Reporting frameworks are well advanced on the way to applying the ISSB Standards.
To further support effective implementation, a Transition Implementation Group will support companies and launch capacity-building initiatives, e.g. for accountants and external auditors.
The new standards will begin applying for annual reporting periods beginning as of January 2024, with companies beginning to issue disclosures against the standards in 2025.
Click at the image below to read more (in 8 different languages), incluiding related comments by representatives of more than 10 entities, including Financial Stability Board, IOSCO, TCFD and World Economic Forum. And a good 3 ‘ summary video. #sustainability