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IFRS Foundation publishes guide for companies as investors call for voluntary application of ISSB Standards
The IFRS Foundation has published Voluntarily applying ISSB Standards—A guide for preparers. The guide aims to support companies as they start to apply International Sustainability Standards Board (ISSB) Standards voluntarily as well as helping them communicate their progress to investors.
The guide will be a useful tool for companies, particularly in jurisdictions without regulatory requirements to apply ISSB Standards, including providing guidance on how companies can describe their application of ISSB Standards
The guide is the latest in a series of publications designed to support the implementation of International Financial Reporting Standards (IFRS) S1 General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2 Climate-related Disclosures. Furthermore, when used in tandem with tools such as the ESRS—ISSB Standards Interoperability Guidance, companies can apply ISSB Standards to meet investor demand and regulatory requirements around the world.
Overview of the ISSB’s two-year work plan
The IFRS Foundation has released a new webcast to discuss the International Sustainability Standards Board’s (ISSB) 2024-2026 work plan and explore recent developments in strategic relationships that further harmonise the sustainability reporting landscape.
New IFRS Accounting Standard – IFRS 18
The International Accounting Standards Board (IASB) completed its work to improve the usefulness of information presented and disclosed in financial statements. The new Standard, IFRS 18 Presentation and Disclosure in Financial Statements, will give investors more transparent and comparable information about companies’ financial performance, thereby enabling better investment decisions.
IFRS 18 is effective for annual reporting periods beginning on or after 1 January 2027, but it can be applied earlier. IFRS 18 replaces IAS 1 Presentation of Financial Statements.
ISSB publishes its digital sustainability taxonomy, helping investors analyse sustainability disclosures efficiently
The International Sustainability Standards Board (ISSB) has published the IFRS Sustainability Disclosure Taxonomy (ISSB Taxonomy), to enable investors and other capital providers to analyse sustainability-related financial disclosures efficiently.
Use of the ISSB Taxonomy by companies will enable investors to search, extract and compare sustainability-related financial disclosures as ISSB establishes its global baseline of Standards.
The Taxonomy reflects IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information, IFRS S2 Climate-related Disclosures and their accompanying guidance.
IFRS Foundation and EFRAG publish Interoperability Guidance
The IFRS Foundation and the European Financial Reporting Advisory Group (EFRAG) have published guidance material to illustrate the high level of alignment achieved between the International Sustainability Standards Board's IFRS Sustainability Disclosure Standards and the European Sustainability Reporting Standards (ESRS) and how a company can apply both sets of standards, including detailed analysis of the alignment in climate-related disclosures.
The document has been designed to reduce complexity, fragmentation and duplication for companies applying both the ISSB Standards and ESRS.
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