The International Sustainability Standards Board (ISSB) has finalised the technical content of its initial standards, including use of European Sustainability Reporting Standards (ESRS) as a source of guidance for firms reporting under its general requirements standard (S1) in the absence of a specific ISSB standard.
The ESRS are being jointly developed by the European Financial Reporting Advisory Group (EFRAG) and the Global Reporting Initiative (GRI) as the basis for reporting under the EU Corporate Sustainability Reporting Directive (CSRD).
Both the ISSB’s general reporting standard and its climate reporting standard (S2) are now expected to be issued at the end of Q2 2023, becoming effective starting January 2024.
The ISSB said it would now concentrate its efforts on developing further guidance and training material, as well as “working with partners to deliver a core capacity building programme across different economic settings”.
“Now, we will work with regulators around the world as they play their part, creating the conditions within their markets for adoption, so that investors can use comparable information about sustainability-related risks and opportunities in their investment decisions without delay,” said ISSB Chair Emmanuel Faber.
— IFRS Foundation (@IFRSFoundation) February 17, 2023
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