26. June 2023

ISSB publishes IFRS S1 and IFRS S2

Today, the ISSB has published IFRS S1 “General Requirements for Disclosure of Sustainability-related Financial Information” and IFRS S2 “Climate-related Disclosure”. They will enable globally comparable information about sustainability-related risks and opportunities.

In addition to the standards, the ISSB has made the following accompanying documents available:

  • Basis for Conclusions for IFRS S1 and S2, which summarise the ISSB’s considerations in developing the standards,
  • Accompanying Guidance for IFRS S1 and S2, which illustrate certain aspects of IFRS S1 and S2,
  • Effects Analysis for IFRS S1 and S2, which describes the expected benefits and costs of IFRS S1 and S2,
  • Project Summary, which provides an overview of the project to develop IFRS S1 and S2,
  • Feedback Statement on IFRS S1 and S2, which summarises the feedback on the previous Exposure Drafts.

The standards are meant to support companies to provide sustainability-related information alongside financial information. In its press release, the ISSB emphasises that the standards have been developed for use in conjunction with any set of accounting standards and are a truly global baseline.

To ensure efficient and effective reporting when using the ISSB Standards in combination with other sustainability reporting standards, the ISSB today also announced to continue work with jurisdictions and the GRI.

The ISSB also intends to work with jurisdictions and companies to support the implementation of IFRS S1 and S2. The Transition Implementation Group was formed for this purpose.

Several presentations accompany the publication of the standards. Emmanuel Faber will present them on today’s publication day at the annual meeting of the IFRS Foundation. There will also be presentations at stock exchanges worldwide, including in Frankfurt am Main and at the ASEAN Capital Markets Forum.

Georg Lanfermann, President of the DRSC, commented on the occasion of the publication of the two standards: “High-quality, globally applicable reporting standards are of great importance for a successful transformation towards a sustainable economy. The DRSC supports the work of the ISSB and the ISSB’s further steps towards interoperability with existing sustainability reporting standards, in particular the ESRS.”