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December 28, 2023

Business resources for ISSB standards IFRS S1 and IFRS S2 in 2024

As we step into the new year, businesses are gearing up for significant changes in sustainability reporting. With the International Sustainability Standards Board (ISSB) Standards IFRS S1 and IFRS S2 set to come into effect, the ISSB is ensuring that businesses have the necessary resources to adopt and apply these standards.

Enhanced SASB standards: A global approach to sustainability reporting

In a recent board meeting held in Frankfurt, the ISSB made strides in enhancing the Sustainability Accounting Standards Board (SASB) Standards. These updates aim to bolster the international applicability of the SASB Standards, which are instrumental for companies implementing IFRS S1.

The revisions, made after consideration of public feedback, remove jurisdiction-specific references and definitions without significantly altering industries, topics, or metrics. This move is pivotal, considering that IFRS S1 mandates companies to disclose material information on all sustainability-related risks and opportunities, guiding them towards industry-based SASB Standards. The updated SASB Standards, a vital source of guidance, are slated to be available next week.

Educational material for IFRS S2: Navigating the ‘Nature and Social Aspects’ of climate-related disclosures

Recognising the need for comprehensive support, the IFRS Foundation has unveiled new educational material tailored to assist companies in addressing the ‘nature and social aspects’ of climate-related risks and opportunities when applying IFRS S2. 

The release of this educational material aligns with the IFRS Foundation’s commitment to capacity building initiatives, as showcased by the IFRS Sustainability knowledge hub launched at COP28.

Digital taxonomy

The ISSB released a draft digital taxonomy to improve global accessibility and comparability of sustainability information. In the board meeting this week, the ISSB deliberated on the anticipated follow-up actions for the taxonomy, with the intention of publishing it in the initial half of 2024.

Looking ahead: ISSB’s commitment to adoption and integration

The ISSB is actively engaged in ongoing discussions, seeking input on future priorities to finalise its two-year work plan in the first half of 2024. These deliberations encompass considerations on how to enhance and expand upon the SASB Standards.

Additionally, the ISSB maintains a steadfast focus on fostering the adoption of its standards throughout 2024. This commitment involves prioritising discussions on interoperability, collaborating with jurisdictional and voluntary initiatives that extend beyond investors. Furthermore, the ISSB will persist in coordinating its efforts with its sister board, the International Accounting Standards Board (IASB).

Key Dates in the Calendar

January 2024 – The inaugural collaborative technical meeting between the ISSB and IASB is scheduled for January 2024. During this meeting, the boards will engage in discussions regarding the feedback received in response to the ISSB’s agenda consultation concerning a potential project aimed at advancing integration in reporting.

February 2024 – The IFRS Sustainability Symposium is scheduled to occur in New York City on February 22, 2024, offering stakeholders a chance to delve deeper into the ISSB Standards and gain insights into the ongoing initiatives of the ISSB.

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