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International Sustainability Standards Board (ISSB)

130,123 followers

3w

The #ISSB was called on by the market and international policy makers to deliver an efficient reporting landscape, ending the alphabet soup of voluntary initiatives and meeting investor demand for decision-useful, comparable information. The ISSB remains committed to serving as an anchor in the sustainability disclosure landscape, working closely with partners around the world to drive efficiencies. We deliver this through: â« Consolidation â€“ of #SASB (SASB Standards), #TCFD, Climate Disclosure Standards Board #CDSB and Integrated Reporting materials. ðŸ¤ Establishing the ISSB as the sister board of the International Accounting Standards Board (IASB) â€“ making sure the ISSB Standards work especially well with the requirements of the #IASB, while useable alongside any generally accepted accounting principles. ðŸ”— Supporting connections â€“ through tools such as the #IntegratedReporting Framework and the Management Commentary Practice Statement. âœ”ï¸ Interoperability â€“ with Global Reporting Initiative (GRI) #GRI, #ESRS and the US SEC. ðŸ“Š Through the ISSB Standardâ€™s climate-related standard is becoming a basis for other initiatives â€“ such as CDP, the Basel Committee on Banking Supervision, and the International Public Sector Accounting Standards Board (IPSASB). âœ³ï¸ Driving harmonisation in the landscape â€“ through a number of strategic relationships. Watch this video to find out more about the ISSBâ€™s role. ðŸ‘‡ #ISSBStandards #IFRSSustainability

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How does the ISSB serve as an anchor in the sustainability disclosure landscape? The ISSB was founded by the IFRS Foundation in 2021 at COP26 in Glasgow, supported by investors and international policy makers, including G20, the Financial Stability Board and IOSCO. The ISSB builds on the legacy of its sister board, the IASB, which sets the IFRS Accounting Standards used by more than 140 jurisdictions. The IFRS Foundation, which is accountable to a monitoring board of capital market authorities, has a mission to develop high-quality IFRS Standards that bring transparency, accountability and efficiency to financial markets around the world. The ISSB is working with key players in the sustainability disclosure landscape to deliver an efficient reporting landscape, as a global baseline of sustainability-related financial disclosures is established through the ISSB Standards. In July 2023, IOSCO endorsed the ISSB Standards and called on its 130 member jurisdictions, capital market authorities that regulate more than 95% of the world's security markets, to consider how they can incorporate IFRS S1 and IFRS S2. Already over 25 jurisdictions that make up around 55% of global gross domestic product have decided or are consulting on using ISSB Standards. Jurisdictions such as Brazil, Canada, Japan and Nigeria. IFRS S1 provides a set of disclosure requirements designed to enable companies to communicate material information to investors about the sustainability-related risks and opportunities they face over the short, medium and long term. IFRS S2 sets out specific climate-related disclosures and is designed to be used with IFRS S1. The ISSB Standards fully incorporate the Task Force on Climate- Related Financial Disclosures or TCFD recommendations. This led to TCFD being disbanded in 2023. The ISSB standards require industry- specific disclosures. To support this, SASB Standards are required to be considered for topics beyond climate. Other sources of guidance include CDSB materials. IFRS S2 incorporates industry-specific disclosures based on SASB Standards. To secure an efficient disclosure system, SASB, TCFD recommendations and CDSB materials have been consolidated into our standards. Another vital aspect of achieving an efficient reporting system is through supporting better connections between sustainability-related disclosures and a company's financial statements. IFRS S1 provides that companies disclose sustainability-related financial information connected to and alongside financial statements. The ISSB Standards are designed to be used with financial statements based on any GAAP, but the standards work particularly well with IFRS Accounting Standards. An integrated report or the management commentary can be a suitable location for companies for information provided using IFRS S1 and IFRS S2. The Integrated Reporting Framework can help companies communicate holistically to investors. IFRS S1 builds on concepts in the Integrated Reporting Framework. Interoperability with leading standards in the landscape is integral to reducing duplication, enabling companies to collect, govern and control decision useful data at once. GRI Standards help companies meet the information needs of a broad range of stakeholders, including investors, about an organisation's impact. Companies can use GRI Standards with ISSB Standards when they want to meet the information needs of both investors and a broader range of stakeholders. Companies required to use the European Sustainability Reporting Standards can start with ISSB Standards as a global baseline and add other disclosures to meet ESRS. For companies operating in the US, there are significant similarities between the US SEC Climate Rule and IFRS S2. Several frameworks and standard setters with different mandates to the ISSB have used the ISSB Standards as a basis for their requirements, thereby reducing complexity and fragmentation. Companies around the world respond to the CDP Questionnaire to provide information to investors. This questionnaire is now aligned to IFRS S2. The Basel Committee on Banking Supervision sets standards for prudential regulation of banks. It has proposed that its climate disclosures build on IFRS S2. The International Public Sector Accounting Standards Board sets public sector disclosure standards. It has proposed that its climate standard will be built on IFRS S2. The ISSB seeks to deliver harmonisation of the sustainability disclosure landscape and reduce complexity involved involved in varying sustainability reporting initiatives. IFRS S2 requires GHG emissions to be measured in accordance with the GHG Protocol Corporate Standard 2004. The ISSB will be actively engaged in any updates to the protocol, including having an observer on the GHG Protocol Standard Setting Board. Companies with transition plans are required to disclose information about them when applying IFRS S2. The IFRS Foundation is now responsible for the Transition Plan Taskforce's disclosure-specific materials that can help companies with these disclosures. The Task Force in Nature- related Financial Disclosures recommendations have been designed to help companies disclose nature-related information. The ISSB is considering how to build upon the TNFD recommendations as part of ISSB's project on nature. The ISSB was called on by the market and international policymakers to deliver an efficient reporting landscape, ending the alphabet soup of voluntary initiatives and meeting investor demand for decision-useful comparable information. As such, the ISSB remains committed to serving as an anchor in the sustainability disclosure landscape, working closely with partners around the world to drive efficiencies. Find out more about the ISSB Standards by visiting ifrs.org.

Gianluca Romano

Gianluca Romano

Studente in Economia, Management e SostenibilitÃ presso l'UniversitÃ Suor Orsola Benincasa

1w

Very interesting and accurate!!

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International Sustainability Standards Board (ISSB)

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The recording of the third webinar in our Perspectives on Sustainability Disclosure series is now available. ðŸŽ™ Verity Chegar (ISSB Member), Jessica Ground (Capital Group), Katharina Bryan (Amazon), Mark Vaessen (KPMG) and moderator Mardi McBrien (IFRS Foundation) discuss: ðŸ“Š why the #ISSB Standards require industry-based disclosures; ðŸ› how the #SASB Standards are a useful tool for IFRS S1 and how the SASB Standards are structured; and ðŸ“– what work the ISSB is undertaking now to ensure the SASB Standards stay current. Listen via link in comments!
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