As expected (see “ISSB to Release..”), the ISSB released for comment exposure drafts on climate-related disclosures and general requirements for sustainability-related disclosures. The exposure drafts incorporate or are informed by the TCFD recommendations and reflect industry-specific disclosure requirements, consistent with the SASB Standards approach. Comments on both exposure drafts (climate | general sustainability) are due July 29, 2022. Comments can be submitted in the form of a comment letter or completion of an online survey. According to releases issued by the IFRS and the Value Reporting Foundation, the ISSB is targeting year-end for issuance of the new standards based on these consultations.
The IFRS further announced its plans to incorporate the SASB Standard’s industry-based approach into the development of the ISSB standards. The SASB Standards will serve as implementation guidance for the ISSB’s industry-based requirements upon the consolidation of the Value Reporting Foundation in/around June 2022. As previously reported, SASB and the IIRC merged into the Value Reporting Foundation in June 2021.
See this Latham & Watkins memo; these articles from ESG Investor, ESG Today, Sustainability-Reports.com, Accounting Today, Pensions & Investments, Reuters, Responsible Investor, and the WSJ; and additional resources on our Climate Risk & Disclosure page.
This post first appeared in the weekly Society Alert!