In recognition of the focus by investors on climate information in particular as compared to other sustainability risks and opportunities, the IFRS Foundation provided transition relief in the application of IFRS S1 (General Requirements for Disclosure of Sustainability-related Financial Information) to accommodate disclosure of climate-only information.
The new guidance: “Applying IFRS S1 when reporting only climate-related disclosures in accordance with IFRS S2” aims to assist companies in reporting climate-only related information in a manner that is compliant with the ISSB standards by temporarily reducing the scope of reporting under IFRS S1, which otherwise applies to all ISSB disclosure. Table 1 of the guidance identifies the provisions of IFRS S1 that apply, and Table A1 identifies the IFRS S1 provisions that don’t apply, for those companies seeking to effect a climate-only disclosure approach at this stage.
See the IFRS S1, IFRS S2, and other IFRS ISSB resources here and this ESG News article.
This post first appeared in the weekly Society Alert!