What do we know about the ISSB so far?
During COP26, the International Financial Reporting Standards (IFRS) Foundation announced the plan to form the International Sustainability Standards Board (ISSB) which aims to develop a global baseline of sustainability disclosure including a range of ESG topics. The ISSB will build on the work of existing investor-focused reporting initiatives, supported by the Technical Readiness Working Group (TRWG), created by IFRS Foundation Trustees. Members of the TRWG include the Climate Disclosure Standards Board (CDSB), the Task Force for Climate-related Financial Disclosures (TCFD), the Value Reporting Foundation’s Integrated Reporting Framework and SASB Standards. The group is focused on consolidating and enhancing key aspects of each of these initiatives to eventually develop a unified standards framework – with the view that these initiatives consolidating withthe ISSB.
The ISSB is now fully operational with a board of 14 members. It has started to implement its global footprint by establishing key functions in Frankfurt and Montreal and are working to collaborate with global and regional partners. So far, they have established advisory bodies in the US, China, Japan, the EU and the UK. They have also secured support from the G7, the G20 and African Ministers. Over the last year, the CDSB and VRF have been consolidated into the IFRS, with others from the TRWG expected to follow.
The ISSB have recently conducted a public consultation for the proposed standards. Following this the ISSB is in the process of considering feedback and refinements with the hope to issue standards in 2023.
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