The IFRS Foundation has published a new guide, Applying IFRS S1 when reporting only climate-related disclosures in accordance with IFRS S2, which aims to help companies understand how to report only climate-related information when applicable using International Sustainability Standards Board (ISSB) Standards.
The publication of this guide is part of the ISSB’s commitment to supporting the implementation of ISSB Standards, helping companies to prepare information and helping investors to receive decision-useful information.
When the ISSB was developing IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2 Climate-related Disclosures, investors said they urgently needed climate-related information to inform decision making, and some stakeholders expressed concerns about data availability and companies’ readiness to provide information about other sustainability-related risks and opportunities.
In response to these concerns, the ISSB decided to provide transition reliefs in ISSB Standards, including the ‘climate-first’ transition relief, which is the focus of this new guide. When providing only climate-related information in accordance with ISSB Standards, companies are required to apply related requirements in IFRS S1.
Followable tags
Applying IFRS Sustainability standards
IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information
IFRS S2 Climate-related Disclosures
