The IFRS Foundation has released a new guide titled Applying IFRS S1 When Reporting Only Climate-Related Disclosures in Accordance with IFRS S2. The guide aims to assist companies in understanding how to report climate-related information using International Sustainability Standards Board (ISSB) Standards when applicable.
This guide is part of the ISSB’s ongoing commitment to supporting the adoption of ISSB Standards. Its goal is to help companies effectively prepare climate-related disclosures and provide investors with decision-useful information.
As the ISSB developed IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2 Climate-related Disclosures, investor feedback indicated a strong need for actionable climate-related data. Many stakeholders also expressed concerns regarding data availability and the readiness of companies to provide comprehensive information on other sustainability-related risks and opportunities.
To address these concerns, the ISSB introduced transition reliefs in its standards, including the ‘climate-first’ transition relief. This relief is a key focus of the new guide, and companies providing only climate-related information under the ISSB Standards are now required to follow related requirements in IFRS S1.
| Find out more here. |
