ISSB Finalises Global Sustainability Disclosure Standards in Major Milestone

ISSB Finalises Global Sustainability Disclosure Standards in Major Milestone

By Prathamesh 6 July, 2023

The International Sustainability Standards Board (ISSB) has published the final version of its first-ever standards, IFRS S1 and IFRS S2, marking a significant milestone in sustainability-related disclosures across global capital markets.

IFRS S1 is designed for companies’ communication of sustainability-related risks and opportunities in the short, medium, and long term to investors. IFRS S2 provides specific climate-related disclosures that are intended to be used in conjunction with IFRS S1. Both standards fully integrate the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD).

IFRS S1 and IFRS S2 were developed based on extensive market feedback and in response to calls from influential bodies such as the G20, the Financial Stability Board, and the International Organisation of Securities Commissions (IOSCO), along with leaders in the business and investor communities. The relatively rapid 18-month process through which these standards have been developed represents a collective commitment to establishing a comprehensive global baseline for sustainability-related disclosures, enabling comparison of sustainability information.

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