International Sustainability Standards Board (ISSB) Standards
International Financial Reporting Standards (IFRS)
Overview
International investors with global investment portfolios have increasingly called for high-quality, transparent, reliable and comparable reporting by companies on sustainability-related risks and opportunities, including climate-related matters.
The International Sustainability Standards Board (ISSB) was established by the IFRS Foundation in November 2021 to develop a comprehensive global baseline of sustainability-related financial disclosure standards focused on the information needs of investors and other capital market participants.
In June 2023, the ISSB issued its inaugural standards: IFRS S1, General Requirements for Disclosure of Sustainability-related Financial Information, and IFRS S2, Climate-related Disclosures. IFRS S1 sets out general requirements for disclosing material information about sustainability-related risks and opportunities that could reasonably be expected to affect an entity’s prospects, while IFRS S2 establishes specific requirements for climate-related disclosures and is designed to be applied together with IFRS S1. The ISSB Standards are intended to provide a global baseline that can be applied alongside jurisdiction-specific requirements.
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