On June 26, 2023, the International Sustainability Standards Board (ISSB) published the IFRS S1 Sustainability Disclosure Standard (IFRS S1) and IFRS S2 Climate-Related Disclosures. The publication of the Standards represents a significant leap in developing a globally consistent and reliable framework for providing sustainability information, with the ISSB hoping that they will become the global baseline for sustainability-related disclosures.
The standards incorporate the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) and consolidate the requirements of the Sustainability Accounting Standards Board (SASB) and several other leading sustainability reporting frameworks. These standards are expected to be used by regulators worldwide to inform their sustainability and climate risk reporting requirements. Currently, the Financial Stability Board (FSB) has asked the IFRS Foundation to take over monitoring the progress of companies’ climate-related disclosures from the Task Force on Climate-related Financial Disclosures (TCFD).
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