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ARTICLE · 02 MAY 2022

ISSB releases first proposed sustainability standards for consultation

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Discusses proposed sustainability standards: scope & purpose of disclosures; overview of standards; who might use these standards?

AustraliaEnvironment
Abigail Gill
Abigail Gill
Andrew Lumsden
Andrew Lumsden
Julia Green
Julia Green
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The International Sustainability Standards Board (ISSB), established by the IFRS Foundation at COP26 to develop a global baseline of sustainability financial disclosures for capital markets, launched its first proposed sustainability standards for consultation on 31 March 2022.

The standards build upon the recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD) and incorporate industry-based disclosure requirements derived from Sustainability Accounting Standards Board (SASB) Standards (discussed here).

The ISSB released two exposure drafts - one relating to disclosure of sustainability-related financial information and the other concerned with climate-related disclosures. The proposed standards have the potential to create uniformity in the disclosure of financial information about sustainability and climate-related risks and opportunities. Entities that prepare financial statements in accordance with IFRS Accounting Standards or other

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