In June 2023, the International Sustainability Standards Board (ISSB) issued the first two standards, IFRS S1 (General Requirements for Disclosure of Sustainability-related Financial Information Standard) and IFRS S2.
These Standards reflect the redeliberations of the ISSB, which were informed by extensive feedback from stakeholders and aim to establish a comprehensive global baseline
of sustainability-related disclosures to meet the needs of capital markets.
Effective Date: Sustainability – Current Timeline
IFRS S1 (General Requirements for Disclosure of Sustainability-related Financial Information Standard) – is effective for annual reporting periods beginning on or after 1 January 2024 with earlier application permitted as long as IFRS S2 Climate-related Disclosures is also applied.
IFRS S2 (Climate-related Disclosures) – is effective for annual reporting periods beginning on or after 1 January 2024 with earlier application permitted as long as IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information is also applied.
The ISSB received 148 comment letters and surveys in response to the Methodology Exposure Draft. Regionally, most respondents originated in Europe and Asia & Oceania. Among types of stakeholders, respondents were primarily preparers and accounting professionals and auditors.
Exposure Draft Feedback
Source: AP8: Results of the public comment period for the Methodology Exposure Draft, October 2023
