SUSTAINABILITY REPORTING

International Standards - Update on the International Sustainability Standards Board

Article Highlights

  • On November 3, 2021, The IFRS Foundation announced the creation of the International Sustainability Standards Board (ISSB).

  • Two proposed IFRS Sustainability Disclosure Standards have been published to date.

  • The ISSB has reached a quorum upon the recent appointment of six additional members to the ISSB.

  • July 18, 2022 - First public meeting of the ISSB.

Background

On November 3, 2021, The IFRS Foundation announced the creation of the International Sustainability Standards Board (ISSB) at the 2021 United Nations Climate Change Conference (COP26) in Glasgow, Scotland.

The ISSB sets the IFRS sustainability disclosure standards. It is the global setter for sustainability disclosures for financial markets.

The IASB and the ISSB will work together to ensure compatibility between IASB’s IFRS Accounting Standards and the ISSB’s IFRS Sustainability Disclosure Standards. Each Board will be independent.

Updates

In March of 2022, the ISSB published the first two proposed IFRS Sustainability Disclosure Standards. The ISSB is currently seeking feedback on the two proposed IFRS Sustainability Disclosure Standards.

As of July 2022, The appointment by the IFRS Foundation Trustees of the six additional members of ISSB has allowed the ISSB to reach a quorum.

On July 18, 2022, the ISSB is scheduled to hold its first public meeting in Frankfurt, Germany.

Feel free to browse other SProfessional articles about the ISSB to find out more about the IFRS and ISSB.

Key Takeaways

Tasks to help you prepare

  • To observe the July 18, 2022 first public meeting of the ISSB, you can access the live discussions at IFRS Foundation’s website.

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