ISSB unveils new resources to empower digital sustainability disclosures

Posted on December 24, 2023 by Editor

As the International Sustainability Standards Board (ISSB) gears up for the imminent implementation of ISSB Standards—IFRS S1 and IFRS S2— in January 2024, it has introduced a host of updated resources to assist companies in seamlessly applying the standards.

Importantly, the ISSB draws the attention of users to the proposed digital taxonomy, which was published earlier this year for consultation. This is planned for final publication in the first half of 2024, and we encourage filers to get to grips with digital-reporting processes as soon as possible. Companies will find it valuable to streamline data-gathering processes in advance of future digital sustainability reporting mandates.

The ISSB has also highlighted recently agreed-upon updates to the SASB standards, designed to enhance their international applicability. These updates replace jurisdiction-specific references, while keeping the main structure of the standards intact for industries, topics, and metrics. The new standards will be available next week, helping smooth the reporting process for those already familiar with the SASB standards.

Finally, to streamline the application of IFRS S2, the IFRS Foundation released educational material focusing on the ‘nature and social aspects’ of climate-related risks and opportunities. The material offers practical examples, aiding companies in navigating climate-related disclosures effectively.

And in the near future? As we head into 2024, ongoing discussions are prioritising interoperability and coordination with the International Accounting Standards Board (IASB).

Find out more and access these resources here.

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