IFRS Sustainability Standards Key Takeaways: What To Know About IFRS S1 & S2

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In June 2023, the International Sustainability Standards Board (ISSB) released the International Financial Reporting Standards (IFRS) Sustainability Disclosure Standards. The Standards are known as IFRS S1: General Requirements of Sustainability-related Financial Information and IFRS S2: Climate-related Disclosures. The purpose of IFRS S1 and S2 is to provide global criteria for sustainability reporting, inform investors, and facilitate disclosure of comprehensive sustainability-related information for global capital markets.

All organizations can adopt these standards as of January 1, 2024, for annual reporting. While it is voluntary for U.S. companies to employ these standards, a growing number of countries are adopting the ISSB standards or a local variation of the standards.

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