ISSB issues inaugural IFRS Sustainability Disclosure Standards

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26 Jun 2023 PDF

On 26 June 2023, the ISSB issued its first Sustainability Disclosure Standards, ushering in a new era in international corporate reporting.

The International Sustainability Standards Board (ISSB) has issued its first two IFRS Sustainability Disclosure Standards: IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information (IFRS S1) and IFRS S2 Climate-related Disclosures (IFRS S2). Both IFRS S1 and IFRS S2 are effective for annual reporting periods beginning on or after 1 January 2024.

A ‘climate first’ transition option is available, which allows an entity to provide only climate-related disclosures in its first year of applying IFRS S1 and IFRS S2.

Mandatory application of IFRS Sustainability Disclosure Standards depends on each jurisdiction’s endorsement or regulatory processes. The application of IFRS Sustainability Disclosure Standards is not linked to the application of IFRS Accounting Standards.

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