Ahead of IFRS S1 and IFRS S2 coming into effect in January, the International Sustainability Standards Board (ISSB) is providing new and updated resources to help companies apply the standards.
“This includes enhancements to the Sustainability Accounting Standards Board (SASB) standards and the publication of educational material to help companies apply the climate standard, IFRS S2,” a news release said. “The ISSB is also focused on advancing work to develop the IFRS Sustainability Disclosure Taxonomy to enable the digital consumption of information when the ISSB standards are applied.”
The new SASB standards are available now. The updates remove and replace jurisdiction-specific references and definitions without significantly altering industries, topics, or metrics, the release continued.
“These amendments were intended to help preparers apply the SASB Standards regardless of the jurisdiction in which they operate or the type of generally accepted accounting principles (GAAP) they use,” an IFRS publication said, “without substantially altering the SASB Standards’ structure or intent.”
The board plans to continue to discuss feedback on its consultation on future priorities, the release said, and plans to finalise its two-year workplan in the first half of 2024.
On Tuesday, AICPA & CIMA, together as the Association of International Certified Professional Accountants, released resources designed to enhance members’ understanding of the new standards. The resources include reports summarising IFRS S1 and IFRS S2.
AICPA & CIMA also published a report regarding the Task Force on Nature-Related Financial Disclosures (TNFD).
— To comment on this article or to suggest an idea for another article, contact Steph Brown at Stephanie.Brown@aicpa-cima.com.
