ISSB Consults on Proposed IFRS Sustainability Standards Taxonomy

The International Sustainability Standards Board (ISSB) has published a proposal for its IFRS sustainability disclosure taxonomy and is seeking feedback through a public consultation. The board’s 60-day consultation period on the proposal is open until 26 September. The ISSB will review comments on the proposals in the second half of this year and plans to release the final digital taxonomy in early 2024, taking into account the feedback received. The proposed common digital taxonomy will reflect disclosure requirements arising from IFRS S1, which pertains to general requirements for the disclosure of sustainability-related financial information, and IFRS S2, which focuses on climate-related disclosures. These standards, both issued last month following an 18-month consultation period, set a comprehensive global baseline for disclosing sustainability-related financial information to meet the needs of users of general financial reports. The publication of the proposal comes two days after the International Organization of Securities Commissions formally endorsed the ISSB standards and called on regulators around the world to consider adopting these standards in their local jurisdictions. The ISSB has been working on its digital taxonomy in tandem with the development of IFRS S1 and IFRS S2. This will enable the digital consumption of sustainability-related financial disclosures when its standards are first applied. The ISSB is set to host a webinar discussing the proposals on 3 August. 

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