Public Oversight Accounting And Auditing Standards Authority Empowered To Determine Turkish Sustainability Reporting Standards

On November 2021, the IFRS Foundation announced the formation of the International Sustainability Standards Board ("ISSB") under the IFRS Foundation at COP26, the UN global summit to address climate change. The ISSB was formed to develop comprehensive global reporting standards regarding sustainability so that investors can make informed investments decisions.

To be able to meet the global sustainability standards, through the Omnibus Law No: 7408 published in the Official Gazette on June 4, 2022; Article 88 of the Turkish Commercial Code No: 6102 was amended to grant the Public Oversight Accounting and Auditing Standards Authority the power to determine and publish Turkish Sustainability Standards compatible with the international standards.