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Technology & Data

IFRS, EFRAG Align Under New Guide

The IFRS Foundation and European Financial Reporting Advisory Group (EFRAG) have together published guidance to illustrate the degree of alignment between the International Sustainability Standards Board’s (ISSB) Sustainability Disclosure Standards and the European Sustainability Reporting Standards (ESRS). “The ISSB’s goal is to inform investor capital allocation decisions by ensuring they have access to globally comparable, targeted and decision-useful disclosures,” said ISSB Chair Emmanuel Faber. “Thanks to our deep collaboration with EFRAG, companies can use our joint guidance as a module for providing the global baseline, while also providing incremental disclosures required with the EU.” The guidance also highlights how companies can apply both sets of standards, including detailed analysis of the alignment in climate-related disclosure requirements. “Climate change is a global challenge,” said Mairead McGuinness, EU Commissioner for Financial Services, Financial Stability and Capital Markets Union. “I welcome this guidance that recognises the [European] Commission’s sensible approach to sustainability reporting, and a commitment to ensuring a very high degree of alignment between EU and international sustainability reporting standards. It’s important that reporting frameworks in different jurisdictions are interoperable […] to reduce the reporting burden for EU companies.”

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