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The IFRS Foundation and European Financial Reporting Advisory Group (EFRAG) released interoperability guidance for the ISSB Standards and the European Sustainability Reporting Standards (ESRS) to assist companies reporting or planning to report in accordance with both sets of standards.

The publication addresses interoperability of disclosures with an emphasis on climate-related disclosure for organizations:

• Applying ESRS and seeking to (a) meet all climate‑related disclosure requirements in IFRS S2 Climate‑related Disclosures and (b) apply requirements in IFRS S1 necessary to apply IFRS S2 and provide climate‑related disclosures, and/or
• Applying ISSB Standards and seeking to (a) meet all ESRS E1 climate disclosure requirements and (b) apply the climate-relevant disclosure requirements in ESRS 1 and ESRS 2.

See the IFRS Foundation’s release and KPMG’s summary.

                    This post first appeared in the weekly Society Alert!