IFAC Supports ISSB Focus on Implementation of IFRS S1 and S2

IFAC has long supported the establishment of the International Sustainability Standards Board (ISSB) to develop a global baseline of sustainability disclosures – now endorsed by the International Organisation of Securities Commissions (IOSCO) and ready to be internationally adopted and implemented. High-quality implementation of IFRS (International Financial Reporting Standards) S1 and IFRS S2 is critical to the ISSB’s mission.

For more information, follow:

https://www.ifrs.org/groups/international-sustainability-standards-board/

ISSB is addressing ‘climate first’ with IFRS S2 and delivering IFRS S1 requirements for broader disclosure of investor-focused information about sustainability-related risks and opportunities. Next, companies need a global baseline for a holistic, narrative analysis of how reporting entities create, preserve, or erode value over time, including how sustainability disclosures are connected to financial position and performance.

IFAC sees an opportunity for IASB and ISSB to develop global best practices for ‘front of the report’ solution connecting financial and sustainability information.

IFAC urges the Board to set out a clear timeline for addressing additional sustainability topics, including biodiversity and human capital/rights issues.