Global Regulatory Insights’ Post

The launch of the International Sustainability Standards Board (ISSB) inaugural standards in 2023 marked a significant milestone in corporate sustainability reporting. The ISSB’s IFRS S1 and IFRS S2 (IFRS S1/S2) formalize a much-awaited convergence of sustainability and financial disclosures and alignment of reporting frameworks. IFRS S1/S2 became effective for annual reporting periods as of January 1, 2024. While the standards can now be used for voluntary reporting, multiple jurisdictions have indicated intent to mandate IFRS S1/S2 requirements. Explore the disclosure landscape further in our briefing “ISSB’s IFRS S1/2: Laying the foundation for global mandatory disclosures“: https://lnkd.in/djKP9NK2 #ISSB #IFRS #SustainabilityDisclosure Catherine (Katie) Osborn, Katie Langemeier

#IFRS_S1 #IFRS_S2 #CPD #Sustainability #Reporting Participated in the session by iota Consulting BD on IFRS S1: General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2: IFRS S2 Climate-related Disclosures. The International Financial Reporting Standards (IFRS) Foundation has established the International Sustainability Standards Board (ISSB) to address the urgent need for a single set of globally accepted sustainability reporting standards that are integrated, consistent and comparable with financial reporting standards. IFRS S1 and IFRS S2 are the first two IFRS Sustainability Disclosure Standards developed by the ISSB. The main objective of IFRS S1 is to disclose all information about sustainability-related risks and opportunities and IFRS S2 sets out disclosure requirements for climate-related financial risks and opportunities which fully incorporate the recommendations of the TCFD that could reasonably be expected to affect a company’s prospects.

🌎Why IFRS S1 & S2 Are More Than Just Reporting Standards? In today’s world, being a responsible business is not just about profitability, it’s about impact. The introduction of IFRS S1 & S2 is not just a shift in financial reporting standards, it is the call for businesses to step up and align their operations with sustainability and global responsibility. IFRS S1 (General Requirements for Sustainability Related Financial Information) and IFRS S2 (Climate-l Related Disclosures) are designed to go beyond numbers. They emphasize, ⚧️Transparency - By shedding light on sustainability related risks and opportunities, we can rebuild trust with stakeholders. 🫡Accountability - Clear reporting ensures businesses align with long-term goals like the UN’s Sustainable Development Goals (SDGs). 🍀Future Proofing - Identifying climate-related risks today safeguards tomorrow’s operations But here is the thing, it is not just about reporting. Adopting these standards means fundamentally rethinking internal processes, governance structures, and our role in society. It is about being proactive in reducing our environmental footprint while creating sustainable value for shareholders and the community. For those of us in business, this shift challenges us to look beyond the ledger. Are we prepared to balance economic growth with planetary needs? Are we ready to truly embed sustainability into decisions making. As professionals, we have the power to lead this change and inspire others to follow. Let’s ensure our reporting reflects not just compliance but also commitment. Because in the end, this isn’t just about standards it’s about securing a sustainable future for all. #sustainableworld #goodhope #ifrss1s2

TRANSITIONING TO IFRS S1 & IFRS S2: A KEY STEP IN YOUR ESG JOURNEY The newly released Voluntarily Applying ISSB Standards guide offers preparers a solid foundation for implementing IFRS S1 (General Requirements for Disclosure of Sustainability-Related Financial Information) and IFRS S2 (Climate-Related Disclosures). Key highlights include: - Transition Reliefs: These allow companies to ease into full compliance, such as "climate-first" reporting and Scope 3 emission deferrals. - Proportionality Mechanisms: Designed to support companies of all sizes, enabling the use of qualitative data where quantitative information isn't feasible. It also includes guidance on how to use SASB Standards for additional sustainability-related disclosures and provides a detailed comparison of TCFD and IFRS S2, highlighting the differences, especially in climate-related metrics and disclosures. To learn more, contact us at ecoscapebotswana@gmail.com #Sustainability #IFRSS1 #IFRSS2 #ESG #Transition #Proportionality #SASB #TCFD #EthicaESG

The International Sustainability Standards Board (#ISSB) has introduced the new #IFRS Sustainability Disclosure Standards, IFRS S1 and IFRS S2, to address investors’ information needs. Effective from January 1, 2024, these standards aim to establish a unified global baseline for sustainability reporting. By providing a consistent framework for disclosing sustainability-related financial information, IFRS standards enhance transparency, comparability, and accountability in corporate sustainability practices. #SustainabilityReporting #SustainabilityStandards #CorporateSustainabilityPractices Read more: https://lnkd.in/gKXAFRf3

The IFRS Foundation just published a guide to help companies understand how to report only #climate-related information when applicable in accordance with ISSB Standards. As the CSDS are closely aligned to the #ISSB Standards, this can be a helpful resource to Canadian companies currently seeking additional guidance on creating their #CSDS disclosures! https://lnkd.in/emu325Ce #ESG

🌍 New IFRS Standards Alert! 🌍 The International Sustainability Standards Board (ISSB) has issued its first two sustainability disclosure standards: IFRS S1 and IFRS S2. These standards, effective from January 2024, mark a significant step forward in enhancing global consistency and comparability in sustainability reporting. Key Takeaways: IFRS S1 sets general requirements for sustainability-related financial disclosures, focusing on governance, strategy, risk management, and metrics. IFRS S2 specifically targets climate-related disclosures, helping entities report on their exposure and response to climate risks and opportunities. Both standards are designed to work alongside existing financial reporting frameworks, ensuring a holistic approach to corporate reporting. Why It Matters: These standards provide a global framework to help businesses communicate their sustainability strategies and performance transparently, meeting the growing demand from investors and stakeholders for consistent and comparable sustainability data. Need Help Navigating These New Standards? Our team of experts is here to guide you through the complexities of IFRS S1 and IFRS S2, ensuring your business remains compliant and ahead of the curve. 📞 Contact us today to discuss how we can support your sustainability reporting and corporate disclosure needs. #IFRS #Sustainability #CorporateReporting #ClimateChange #Accounting #ClientSupport

Our EY global resource providing guidance for entities applying IFRS S1 and S2 sustainability standards has been updated to include practical examples. Examples of sustainability and climate-related disclosure in market/ theoretic proformas are one of the most common requests from reporters when looking to align to the IFRS ISSB standards and Australian ASRS. I look forward to seeing further guidance from the AASB and IFRS in due course, but this is good resource for those working towards alignment in the interim.

Published by the Department for Business and Trade (DBT), the UK Sustainability Reporting Standards (UK SRS) are set to align with the IFRS Sustainability Disclosure Standards from the International Sustainability Standards Board (ISSB). 🌿 🌐 The IFRS standards aim to standardise sustainability reporting, enhancing global transparency and accountability. 🔄 The Task Force on Climate-related Financial Disclosures (TCFD) has now been disbanded, with all monitoring absorbed by the IFRS. 📊 IFRS Standard 01: General Requirements for Disclosure of Sustainability-related Financial Information. 🌍 IFRS Standard 02: Climate-Related Disclosures, covering risks and opportunities. Swipe to explore more and discover how these changes may impact your business and how to effectively align with these new standards. 👉 Stay ahead of the curve! Learn how the UK SRS and IFRS Standards can shape your reporting. For more insights, email us at info@aretezc.co.uk. #Sustainability #IFRS #UKSRS #ClimateAction #Transparency #CorporateGovernance #RiskManagement #SustainabilityReporting

It was great to attend the one-day IFRS session alongside the OQ finance team. The session provided valuable insights into how international standards are shaping sustainability efforts. As the focus on transparent reporting continues to grow, IFRS is paving the way for more accurate sustainability reporting by aligning the SASB and TCFD frameworks. I’m really excited to begin this new chapter in the Sustainability/ESG Reporting. #IFRS #Sustainability #NewBeginnings #Learning