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TAC Public Meeting January 2025 Paper 2: January General Reporting Update
AGENDA PAPER 2
Executive summary
| Date | 14 January 2025 |
|---|---|
| Paper reference | TAC-Update-January |
| Project | Monitoring |
| Topic | January 2025 General Reporting Update |
Objective of the paper
This paper provides key updates since the update paper provided at the December 2024 TAC meeting.
This includes a summary of the ISSB meetings and developments, in addition to jurisdictional developments in relation to the adoption of IFRS Sustainability Disclosure Standards to date.
The information in this paper is provided as at 2 January 2025 and does not include any developments after this date.
Decisions for the TAC
There are no decisions required. This paper is for information only.
Appendices
Appendix 1 - Jurisdictional developments.
This paper has been prepared by the Secretariat for the UK Sustainability Disclosure Technical Advisory Committee (TAC) to discuss in a public meeting. It does not represent the views of the TAC or any individual TAC member.
Context
1The objective of this paper is to inform the TAC of international and jurisdictional developments in sustainability-related reporting. It is for information purposes only and does not ask the TAC to make any decisions.
2The TAC will be provided with an update of UK-specific, international and jurisdictional developments on sustainability-related reporting at each of its meetings.
UK developments
3On 18 December, The UK Sustainability Disclosure Technical Advisory Committee published their final recommendations to the Secretary of State for Business and Trade, recommending endorsement of the first two IFRS Sustainability Disclosure Standards for use in the UK.
International Sustainability Standards Board
4The following paragraphs provide a summary of updates from the International Sustainability Standards Board (ISSB) since the last update paper presented at the December 2024 TAC meeting.
5The ISSB met on 11 December 2024 and discussed preliminary assessments of investment interest and evidence of effects on an entity's prospects regarding their Human Capital research project, and a project update on enhancing the SASB Standards.
6The IFRS Foundation Trustees have published proposed updates to the Foundation's Due Process Handbook to reflect the creation of the ISSB in 2021. There are no proposed changes made to the due process itself; the proposed update simply reflects that the IASB and ISSB follow the same process. Additionally, the proposals include a description of the due process for the SASB Standards and the SASB Standards Taxonomy. The proposed updates also include some clarifications including regarding the purpose of post-implementation reviews of Standards. The consultation on the proposals is open for comment until 28 March 2025.
7The International Organization of Securities Commission (IOSCO) launched its Growth and Emerging Markets (GEM) Committee Network, a dedicated network to support GEM members in the adoption and use of ISSB Standards. GEM members currently represent 31 jurisdictions which together account for the majority of emerging market capitalisation.
8The IFRS Foundation released a four-part webcast series on connectivity between financial statements and sustainability-related financial disclosures.
9The December episode of the ISSB Update podcast was released, focusing on the ISSB's progress in 2024 and priorities for 2025. It also includes insights into the December ISSB Investor Advisory Group meeting, and key takeaways from the ISSB's December meeting in Frankfurt.
10On 16 December 2024 the Sustainability Consultative Committee met and discussed jurisdictional progress towards the adoption or other use of ISSB Standards, and the ISSB's Regulatory Implementation Programme Outline.
11On 5 December 2024 the ISSB held episode 6 of their webcast series Perspectives on Sustainability Disclosure, focusing on how to make the transition from TCFD recommendations to the ISSB Standards.
Jurisdictional developments
12The following paragraphs provide a summary of updates (since 26 November 2024) from other jurisdictions in relation to sustainability-related reporting.
13Appendix 1 contains the summary tables of the different jurisdictional decisions relating to the IFRS Sustainability Disclosure Standards. The tables have been updated since the December 2024 TAC meeting to reflect the most recent developments.
Canada
14The Canadian Sustainability Standards Board (CSSB) has released CSDS 1 General Requirements for Disclosure of Sustainability-related Financial Information and CSDS 2 Climate-related Disclosures. These standards align with IFRS S1 and IFRS S2 respectively, with amendments to lengthen transition reliefs. The standards are now part of the Chartered Professional Accountants (CPA) Canada Handbook – Sustainability (for which subscriptions are free until 31 March 2025).
Hong Kong
15The Hong Kong Institute of Certified Public Accountants (HKICPA) has published HKFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and HKFRS S2 Climate-related Disclosures, which fully align with IFRS S1 and IFRS S2 respectively. These will come into force from 1 August 2025. This follows the publication of a roadmap on Sustainability Disclosure by the Hong Kong Government.
Japan
16The Sustainability Standards Board of Japan (SSBJ) issued an Exposure Draft on their revised proposals related to the calculation period for the reporting of metrics. The draft is open for comments until 10 January 2025. This is based on deliberations following the feedback they received on the Exposure Drafts of their Sustainability Disclosure Standards, which were published in March 2024.
Qatar
17The Qatar Financial Centre (QFC) Regulatory Authority has published a consultation paper on Proposed Amendments to General Rules on Corporate Sustainability Reporting, which would align disclosures with the ISSB Standards. The requirements would apply to firms incorporated under Qatar's Companies Regulations, as well as banks and some insurance forms and would begin from January 2026. QFC has also issued draft guidance on applying the ISSB Standards. The consultation period for both papers is open until 25 March 2025.
Appendix 1 – Jurisdictional developments
G20 jurisdictions committed to adopting IFRS Sustainability Disclosure Standards
Table 1 summarises the status of G20 jurisdictions publicly committed to adoption or other use of the IFRS Sustainability Disclosure Standards.
Table 1: G20 jurisdictions (countries and regional bodies) summary as at 2 January 2025.
| Jurisdiction | Current status | Both IFRS S1 & IFRS S2? | Reporting commencing from | Companies in scope |
|---|---|---|---|---|
| African Union: Ghana | Endorsed | Both | 2027-2028 | Listed & unlisted |
| African Union: Kenya | Consultation open | Both | 2025-2027 | Banks |
| African Union: Morocco | Publicly committed | - | - | - |
| African Union: Nigeria | Endorsed | Both | 2028-2030 | Listed & unlisted |
| African Union: Tanzania | Endorsed | Both | 2025 | Listed & unlisted |
| African Union: Uganda | Consultation closed | Both | 2026-2028 | Listed |
| African Union: Zambia | Endorsed | Both | 2025 | Listed |
| African Union: Zimbabwe | Publicly committed | - | - | - |
| Australia | Consultations closed Legislation passed and subsequently signed into law |
Both: IFRS S1-voluntary IFRS S2 - mandatory |
2025 | Listed & unlisted |
| Brazil | Endorsed | Both | 2026 | Listed |
| Canada | Endorsed | Both | 2025 | To be confirmed |
| China | Consultation closed | Both | 2026-2030 | Listed & unlisted |
| India | Consultation closed | IFRS S2 only | 2025-2029 | Banking & finance |
| Japan | Second consultation open | Both | - | Listed |
| Mexico | Consultation closed | Both | 2026 | Listed |
| South Korea | Consultation closed | Both | 2026-2030 | Listed |
| Turkey | Endorsed | Both | 2024 | Regulated banks & large |
Other jurisdictions committed to adopting IFRS Sustainability Disclosure Standards
Table 2 summarises the status of non-G20 jurisdictions publicly committed to adoption or other use of the IFRS Sustainability Disclosure Standards.
Table 2: Other jurisdictions summary as at 2 January 2025.
| Jurisdiction | Current status | IFRS S1 & IFRS S2? | Reporting commencing from | Companies in scope |
|---|---|---|---|---|
| Bangladesh | Endorsed | Both | 2024-2027 | Banking & finance |
| Bolivia | Endorsed | Both | 2027 | Listed & unlisted |
| Chile | Consultation closed | Both | - | Listed |
| Costa Rica | Endorsed | Both | 2025-2026 | Listed & unlisted |
| Hong Kong | Endorsed | Both | 2025 | Listed |
| Malaysia | Consultation closed | Both | 2025-2027 | Listed & unlisted |
| Panama | Publicly committed | - | - | - |
| Pakistan | Consultation closed | Both | 2025-2027 | Listed & unlisted |
| Philippines | Consultation closed | Both | 2025 | Listed |
| Qatar | Consultation open | Both | 2026 | Listed |
| Singapore | Consultation closed | IFRS S2 only | 2025-2027 | Listed |
| Sri Lanka | Endorsed | Both | 2025 | To be confirmed |
| Switzerland | Consultation closed | Both | 2026 | Listed & unlisted |
| Taiwan | Publicly committed | - | - | - |
| Thailand | Consultation open | Both | 2026 | Listed |
G20 jurisdictions not publicly committed to adopting IFRS Sustainability Disclosure Standards
Table 3 summarises the status of G20 jurisdictions not publicly committed to adoption or other use of the IFRS Sustainability Disclosure Standards.
Table 3: G20 jurisdictions (countries and regional bodies) not publicly committed to adopting ISSB as at 2 January 2025.
| Jurisdiction | Current status | Topics | Reporting commencing from | Companies in scope |
|---|---|---|---|---|
| Argentina | Unconfirmed | - | - | - |
| European Union (EU)* | European Sustainability Reporting Standards (ESRS) & Corporate Sustainability Reporting Directive (CSRD) | Ten topical standards including a general and climate change standard | 2024-2028 | Listed & unlisted |
| Indonesia | Unconfirmed | - | - | - |
| Russia | Unconfirmed | - | - | - |
| Saudi Arabia | Unconfirmed | - | - | - |
| South Africa | Unconfirmed | - | - | - |
| United States of America (USA) | Climate disclosure rules by the US Securities and Exchange Commission (SEC) Californian climate-related disclosure regulations adopted (SB 253 and SB 261) |
Climate | SEC: 2025-2033 (currently on hold) California: 2026 |
Listed Listed & unlisted |
-
Although European Sustainability Reporting Standards are required to be used by EU member states, the IFRS Foundation and EFRAG issued interoperability guidance in 2024 illustrating the high level of alignment achieved between ISSB Standards and ESRS. ↩