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New International Sustainability Standards

The new publication Overview of IFRS S1 and IFRS S2 introduces both of the new sustainability Standards IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2 Climate-related Disclosure.

It explains the key things you need to know about them. It also provides a description of the four pillars of the Task Force on Climate-related Financial Disclosures (TCFD).

The ISSB’s aim is to establish a global baseline of sustainability-related financial disclosures, which creates a common language for disclosing sustainability risks and opportunities in order to achieve global comparability. The Standards become effective for annual reporting periods beginning on or after January 1, 2024. Together, they mark the start of a new era of requiring reporting entities to make sustainability-related disclosures.

Latest international development

The IFRS Foundation has recently launched the IFRS Sustainability knowledge hub to support the use of the sustainability Standards. The hub has been designed to help companies preparing their sustainability disclosures, but it will also be useful repository for investors, regulators and other stakeholders. Resources on the hub currently include an introduction to the Standards, a guide for transitioning from a previous sustainability framework, such as the TCFD, to the Standards as well as a set of Frequently Asked Questions (FAQs).

The publication Overview of IFRS S1 and IFRS S2 in include in this Sustainability Adviser Alert.

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