ISSB publishes its two inaugural standards
The International Sustainability Standards Board (ISSB) published IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2 Climate-related Disclosures.
To access the standards, stakeholders should log in or create an IFRS account on the webpage.
ISSB Chair Emmanuel Faber gave a speech at the IFRS Foundation Conference to officially launch the standards. Moreover, the ISSB summarised the standards in “10 things to know” and in two webinars.
EFRAG welcomed the standards and acknowledged a high level of interoperability between ESRS and ISSB standards.
ISSB expands its presence and work
The ISSB opened a new office in Beijing following the Memorandum of Understanding (MoU) signed between the IFRS Foundation and the Ministry of Finance of China in December 2022.
The Beijing office’s work will focus on executing the ISSB’s strategy for emerging and developing economies, developing countries and SMEs, and will serve as a hub for stakeholder engagement in Asia.
The IFRS Foundation Trustees and the IFRS Foundation Monitoring Board updated their MoU to reflect all ISSB-related changes.
The ISSB partnered with the World Economic Forum to compile ‘learnings’ on early sustainability reporting efforts. In addition, the ISSB is currently setting up a Knowledge Hub and welcomes additional feedback and requests on its contents.
Updated educational material on considering climate in financial statements
The IFRS Foundation updated its educational material. To recall, educational material was developed to help companies determine how to consider climate-related matters when preparing their financial statements applying IFRS Accounting Standards.
Guidance on Greenhouse Gas (GHG) Reporting
IFAC and We Mean Business Coalition (WMBC), in partnership with Accounting for Sustainability, Global Accounting Alliance, and World Business Council for Sustainable Development, released two guiding documents to help preparers build on existing systems and processes in view of GHG reporting.
A Deep Dive into sustainability assurance engagements
The International Federation of Accountants (IFAC) published a study to enhance understanding of current market practice on sustainability assurance.
The study is focusing on: who conducts assurance engagements, what standards are used, the scope of disclosure being assured, and how various assurance practitioners apply internationally recognised standards set by the International Auditing and Assurance Standards Board (IAASB).