#EY #ISSB #ESRS #GCRS The IFRS Foundation and EFRAG together have just published guidance material on the alignment between the ISSB Standards and ESRS. The material provides interoperability guidance for climate-related sustainability disclosures under ESRS and ISSB Standards. Click below to read or download our publication on this.

The Interoperability Guidance published by #EFRAG and #IFRSFoundation is very helpful for companies that want to comply with both #ESRS and #ISSB standards, especially for multi-national companies. This summary document (4 pages) published by #EY highlights the key areas of detail Guidance document (33 pages) published by #EFRAG and #IFRSFoundation. #sustainabilityreporting #EY #CCaSS

In response to growing investor demand for globally comparable sustainability-related disclosures, companies can voluntarily apply ISSB Standards, even in the absence of regulatory requirements. Investors worldwide are increasingly encouraging companies to adopt these standards and as more jurisdictions introduce sustainability disclosure requirements, the ISSB Standards provide a global framework for compliance. To assist companies in this transition, the IFRS Foundation has published Voluntarily applying ISSB Standards: A guide for preparers (Voluntary Application Guide). This guide is designed to help companies start applying ISSB Standards and communicate their progress to investors. The guide also addresses key elements supporting implementation: - Transition reliefs, such as phased-in approaches and flexibility in climate-first reporting and greenhouse gas emission disclosures. - Proportionality mechanisms that consider the varying capabilities and circumstances of companies. Companies already using frameworks like TCFD, SASB Standards, CDSB materials, or the Integrated Reporting Framework, are on a clear path toward compliance with IFRS S1 and IFRS S2. Key elements of these voluntary frameworks have been integrated into the ISSB Standards to navigate from these frameworks and standards to ISSB Standards. Additionally, by utilising tools like the ESRS - ISSB Standards Interoperability Guidance, companies can leverage ISSB Standards to address both investor demand and global regulatory requirements effectively. Read the ESRS - ISSB Standards Interoperability Guidance, here: https://lnkd.in/dE9ERjKW  Read more about the ISSB standards here: https://lnkd.in/eh6azavV  #sustainability #issb #esrs #esg #ifrs

🌱 Developments in Sustainability Reporting 📈 Late last year, the Australian Accounting Standards Board unveiled their draft Australian Sustainability Reporting Standards (ASRS), aligning closely with the IFRS S1 and S2 standards. While the focus initially centres on climate, the potential expansion to other sustainability areas is still a possibility. The IFRS standards promised a streamlined reporting landscape, yet we are starting to see that there will continue to be nuances between jurisdictions that demand attention. Organisations must navigate these differences diligently to ensure compliance with local regulations. #SustainabilityReporting #ClimateDisclosure #IFRS #AASB #ASRS

IFRS Foundation and EFRAG team has published interoperability guidance on ESRS and ISSB Standards. Let's understand what it means in digital reporting and XBRL reporting. This interoperability guidance aims to streamline reporting processes for entities adhering to both ESRS and ISSB Standards. It's structured into four sections: 1. General reporting requirements comparison between ESRS and ISSB Standards, focusing on materiality, presentation, and disclosures for sustainability topics other than climate. 2. Comparison of common climate-related disclosures, showcasing the alignment between ESRS and ISSB Standards through tabulated presentations. 3. Guidance from ESRS to IFRS S2 (climate), providing essential information for entities transitioning from ESRS to comply with ISSB Standards. 4. from IFRS S2 (climate) to ESRS, offering insights for entities moving from ISSB Standards to adhere to ESRS, including additional disclosure requirements in ESRS not found in IFRS S1 or S2. #ESG #ESRS #ISSB #digitalreporting #XBRL #iXBRL

Sustainability reporting news! The #IFRS Foundation and EFRAG have published guidance outlining the level of alignment between the ISSB standards (IFRS S1 and IFRS S2) and the ESRS. (link in comments). Audifina - Lucanet partner in Baltic States is at your services whenever you need a consultation on sustainability or financial reporting. #ESRS, #sustainabilityreporting, #ESG, #IFRS

Very interesting observations from Kate Stimson of Crowe UK about how the new #sustainability and #climate #IFRS standards are being adopted. The objective of global standards had clearly been global consistency. One to watch.

#ESRS–#ISSB #Interoperability #Guidance: The International Sustainability Standards Board (ISSB) and the European Commission services, together with EFRAG, have worked together during the development of the European Sustainability Reporting Standards (ESRS)1 and the IFRS Sustainability Disclosure Standards (ISSB Standards) to achieve a high degree of alignment of the respective standards, with a specific focus on climate‑related reporting. Consequently: -  the definition of financial materiality in ESRS is aligned with the definition of materiality in IFRS S1 General Requirements for Disclosure of Sustainability‑related Financial Information -  the two sets of standards include common defined terms; and -  there is a high degree of alignment of the climate-related disclosures in the two sets of standards and, in particular, almost all the disclosures in ISSB Standards related to climate are included in ESRS. This joint interoperability guidance describes the alignment of disclosure requirements and information that an entity starting with each set of standards needs to know to enable compliance with both sets of standards, ensuring interoperability between them. Regardless of whether it starts with ESRS or ISSB Standards, an entity can comply with the climate requirements of both sets of standards by following the content of this interoperability guidance.

🌍 The IFRS Foundation and EFRAG have released a new interoperability guidance on climate-related disclosures. This collaborative effort highlights a strong alignment between the IFRS sustainability disclosure standards and ESRS, paving the way for enhanced transparency and comparability in environmental reporting. A significant step towards global sustainability goals! 🌱 Here is the link : https://lnkd.in/ewbBcjv5 #Viewpoint #IFRS #Sustainability #ESRS #EFRAG

The CSSB announced the release of new proposed standards for companies to report sustainability and climate-related information. These standards are based on the sustainability disclosure standards recently released by the IFRS Foundation’s International Sustainability Standards Board (ISSB). Here are the key highlights: - Background: the ISSB was launched in November 2021 with the goal of developing IFRS Sustainability Disclosure Standards. Last year, the TCFD's responsibilities were transferred to the ISSB. - Canadian initiative: The CSSB, formed in 2022 to collaborate with the ISSB, aims to support the uptake of ISSB standards in Canada. - New proposed standards: The proposed Canadian standards, including CSDS 1 and CSDS 2, align with IFRS S1 and S2, respectively, while introducing Canadian-specific modifications. - Key changes: Notable changes from the IFRS standards include pushing off the effective date by a year, with implementation starting for reporting periods beginning on or after January 1, 2025. Additionally, certain reliefs for aspects like Scope 3 emissions disclosure are extended. - Consultation process: The CSSB launched a consultation alongside the proposed standards. Key focus areas for feedback include the alignment of reporting timing, climate resilience reporting requirements, and extended relief proposals. Canadian securities regulator, the Canadian Securities Administrators (CSA), expressed interest in considering the final CSSB standards for incorporation into a CSA rule under Canadian securities legislation. New to learning about Canadian legislation? Below is a visual explaining the dynamic between Canada’s standard-setting boards and oversight councils. Link to blog: https://lnkd.in/gn2y_KXX #esg #nossadata #cssb #issb