ISSB publishes new resources on IFRS S1 and IFRS S2

On 14 December 2023, the ISSB announced the publication of new resources to help companies apply the first two IFRS Sustainability Disclosure Standards (IFRS S1 and IFRS S2) from 2024 (the effective date set out in the standards).

Keywords: Mazars, Thailand, Sustainability, SASB, IFRS, ISSB, S1 and S2

These include:

  • targeted updates to the Sustainability Accounting Standards Board (SASB) standards to enhance their international applicability and assist companies with the implementation of IFRS S1, as the SASB standards are an important source of guidance for reporting on sustainability-related risks and opportunities beyond climate (NB: IFRS S2 already incorporates an enhanced version of the SASB climate-related metrics). These targeted amendments to the SASB standards were published on 20 December (and are available here); 
  • publication of educational materials, including illustrative examples, related to the application of IFRS S2, to help companies consider the nature and social aspects of climate-related risks and opportunities (available here); 
  • a draft digital Taxonomy, which was open to public consultation from end-July to end-September 2023, and was discussed by the Board in December with a view to publishing the final version in the first half of 2024. 

The ISSB also said that it will continue to study the feedback it received from the public consultation on its two-year workplan and the final version will be published in the first half of 2024. The ISSB will also continue with its work on promoting interoperability between (i) the IFRS Sustainability Disclosure Standards and (ii) other jurisdictional and voluntary initiatives over sustainability reporting focusing on the needs of other stakeholders beyond investors. Finally, the ISSB and the International Accounting Standards Board (IASB) are to discuss a potential research project on integration in reporting early 2024.