GRI and IFRS Foundation Collaboration to Deliver Full Interoperability That Enables Seamless Sustainability Reporting

GRI and IFRS Foundation Collaboration to Deliver Full Interoperability That Enables Seamless Sustainability Reporting

By Prathamesh 3 June, 2024
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The IFRS Foundation and the Global Reporting Initiative (GRI) are deepening their working relationship, building upon the Memorandum of Understanding signed in 2022. This collaboration seeks to provide a seamless, global and comprehensive sustainability reporting system for companies looking to meet the information needs of both investors and a broader range of stakeholders.

The increased collaboration will optimise how GRI and ISSB Standards can be used together to facilitate reporting on an organisation’s impacts, risks and opportunities, including risks that arise from the organisation’s impacts.

The International Sustainability Standards Board (ISSB) and the Global Sustainability Standards Board (GSSB) have committed to jointly identify and align common disclosures that address information needs under the distinct scopes and purposes of their respective standards, for both thematic and sector-based standard-setting. An initial outcome of the collaboration will involve a methodology pilot building on the recently published GRI 101 Biodiversity Standard and the ISSB’s upcoming project on Biodiversity, Ecosystems and Ecosystem Services.

The ISSB and the GSSB will continue to make decisions separately in accordance with their established standard-setting due processes, including public consultation in respect of any proposed amendments to their respective standards regarding the alignment of common disclosures.

To find out more details please visit : https://www.ifrs.org/