Legal & Regulatory News

IFRS Foundation announces significant developments for climate disclosures within global financial markets

03 November 2021

On 3 November 2021, the International Financial Reporting Standards Foundation (IFRS Foundation) announced three key developments in the advancement of high-quality disclosures on climate and other sustainability issues within global financial markets, namely:

  • the creation of a new International Sustainability Standards Board (ISSB) to develop a comprehensive global baseline of high-quality sustainability disclosure standards;
  • a commitment by investor-focused sustainability disclosure organisations (including the Climate Disclosure Standards Board and the Value Reporting Foundation) to consolidate into the newly formed ISSB by June 2022; and
  • the publication of prototype climate and general disclosure requirements which have been developed by the Technical Readiness Working Group (a group formed by the IFRS Foundation Trustees to undertake preparatory work for the ISSB).

Click here to view the IFRS Foundation's announcement.