On 16th February, the ISSB held its deliberations on the implementation of the new international accounting standards IFRS S1 and IFRS S2.
The International Sustainability Standards Board (ISSB), the non-financial standard-setting board of the IFRS Foundation, met in Montreal on 16th February 2023. The Board members continued their deliberations on the first two draft IFRS Sustainability 1 General Sustainability-related Disclosures and IFRS Sustainability 2 Climate-related Disclosures, and on the transition of both standards to the ballot procedure. Mandatory in 146 jurisdictions, these new IFRS standards will accelerate the integration of the non-financial dimension in the financial communication of companies.
In 2022, one of our previous articles presented the challenges of these new standards for companies, the harmonisation work on which they are based, and how they impose a financial vision of sustainable development.
Mandatory in 146 jurisdictions, these new IFRS standards will accelerate the integration of the non-financial dimension in the financial communication of companies.
Last month, ISSB first addressed the topic of sustainability risks and opportunities: how to identify and disclose them?
The draft IFRS S1 included a requirement to take into account recent pronouncements of other standard-setting bodies on the subject. The Board agreed to amend it by changing the requirement to a permission. Similarly, the Board introduced the permission to rely on the Global Reporting Initiative Standards (GRI) and European Sustainability Reporting Standards (ESRS).
These permissions apply only in the absence of a relevant IFRS Sustainability standard for the topic under consideration.