EFRAG publishes final comment letters on ISSB agenda priorities and SASB methodology

Posted on September 15, 2023 by Editor

EFRAG (European Financial Reporting Advisory Group) has released its final comment letters addressing two significant ISSB (International Sustainability Standards Board) consultations: Agenda Priorities and the Internationalisation of SASB (Sustainability Accounting Standards Board) Standards.

The first letter addresses upcoming ISSB agenda priorities. EFRAG suggests focusing on defining sustainability-related information to be covered, emphasising interoperability with other reporting standards, and incorporating connectivity into the standard-setting work plan. EFRAG recommends that the ISSB prioritise launching new research and standard-setting projects, including into connectivity [Ed: Hear Hear!], and supporting the implementation of existing ISSB standards. EFRAG also advocates for a mechanism to address interpretation issues and integrating investors’ interests in impact materiality.

The second letter addresses the ISSB’s plans to enhance the international applicability of SASB standards. EFRAG agrees with the proposed methodology, but suggests maintaining comparability when working with national references and considering the ratification status of international references. EFRAG sees room for further improvement beyond internationalisation, such as requiring contextual narrative disclosures. EFRAG also highlights the need for a gap analysis between SASB standards and other sustainability reporting. EFRAG supports updating the SASB XBRL Taxonomy and harmonising sector-specific digital XBRL taxonomies.

Here at XBRL International, we support a continued focus on ensuring connectivity, comparability, and interoperability (between standards and internationally) as a central theme for sustainability reporting  across the world.

For detailed comments and responses, you can see both comment letters in full here

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