Malaysia Consults on ISSB Standards

Malaysia’s Advisory Committee on Sustainability Reporting (ACSR) will conduct a six-week online consultation as of next month on the use of the sustainability disclosure standards issued by the International Sustainability Standards Board (ISSB). The ISSB developed its standards in close collaboration with the G20, the Financial Stability Standards Boards and the International Organisation of Securities Commissions (IOSCO) with goals to establish a global benchmark for investors on sustainability disclosures, including climate-related risks and opportunities. The public consultation will solicit feedback on elements such as the implementation, timing, and assurance of sustainability disclosures in Malaysia. Formed by the International Financial Reporting Standards (IFRS) Foundation in 2021, ISSB published its two inaugural standards – IFRS S1 and IFRS S2 – in June last year, which IOSCO endorsed the following month. “To facilitate fund raising, the availability of reliable and comparable disclosure that is based on international standards is important,” said Awang Adek Hussin, Executive Chairman of the Securities Commission Malaysia. “Equally important will be the exercise of proportionality in the use of these standards and for interoperability between global and domestic frameworks.”

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