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TAC April 2025 Paper 2: April General Reporting Update
Executive summary
| Date | 15 April 2025 |
|---|---|
| Paper reference | TAC-Update-April-2025 |
| Project | Monitoring |
| Topic | April 2025 General Reporting Update |
Objective of the paper
This paper provides key updates since the update paper published for the March 2025 TAC meeting.
This includes a summary of the ISSB meetings and related 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 4 April 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). 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
3The following paragraphs provide a summary of updates from the UK in relation to sustainability-related reporting since the last update paper published for the March 2025 TAC meeting.
4The Financial Reporting Council (FRC), Department for Business and Trade (DBT), and UK Endorsement Board (UKEB) all submitted comment letters on the Proposed Amendments to the IFRS Foundation Due Process Handbook. It was noted by some media outlets that DBT is considering amending the requirement to consider SASB Standards in IFRS S1 for the UK Sustainability Reporting Standards, potentially amending the instruction “shall consider” to “may refer to and consider".
5The Home Office has published revised statutory guidance on transparency in supply chains, related to Section 54 of the Modern Slavery Act (2015). This Section requires companies operating in the UK with >£36m in annual turnover to publish an annual slavery and human trafficking statement.
International Sustainability Standards Board developments
6The following paragraphs provide a summary of updates from the International Sustainability Standards Board (ISSB) since the last update paper published for the March 2025 TAC meeting.
7On 11 & 12 March, the IFRS Sustainability Reference Group met. The agenda covered a summary of the ISSB's technical work plan, proposed IFRS S2 amendments, and updates on research projects and SASB Standard enhancements.
8On 14 March the IFRS Foundation organised a virtual stakeholder event to discuss disclosures around transition plans. The session was for corporate preparers and will be used to inform work to tailor the Transition Plan Taskforce (TPT) materials.
9On 28 March, the IFRS Foundation hosted the Global Preparers Forum. The ISSB provided an update on their workplan, jurisdictional progress towards adoption, the dedicated network established by the Growth and Emerging Markets Committee (GEMC) of IOSCO to support ISSB Standard adoption, the transition from TCFD to ISSB Standards, educational material, research projects, and SASB Standard enhancement.
10The ISSB Update and podcast covering the March 2025 ISSB meeting have been released. The podcast also covers progress on guidance around transition plan disclosures and upcoming educational material and events.
11The IFRS Foundation has launched a Roadmap Development Tool to support jurisdictions to plan and design adoption roadmaps for the ISSB Standards. The interactive tool utilises the concepts set out in the Inaugural Jurisdictional Guide.
12The IFRS Foundation has published its 2024 annual report and financial statements.
13The IFRS Foundation has launched a new webcast series to support the materiality guide published in November.
14The April ISSB meeting will be held on 9 April. Planned agenda items include summaries of findings on research projects into Biodiversity, Ecosystems and Ecosystem Services (BEES) and Human Capital.
15The IFRS Foundation plan to host a webinar on how companies are integrating IFRS Sustainability Disclosure Standards into products and services on 16 April. Registration is live.
Jurisdictional developments
16The following paragraphs provide a summary of updates from other jurisdictions in relation to sustainability-related reporting since the last update paper published for the March 2025 TAC meeting.
17Appendix 1 contains the summary tables of the different jurisdictional decisions relating to the IFRS Sustainability Disclosure Standards. The tables have been updated since the March 2025 TAC meeting to reflect the most recent developments.
Australia
18The Australian Securities and Investments Commission has published a regulatory guide on sustainability reporting, Regulatory Guide 280 Sustainability Reporting, for entities that are required to disclose climate-related information under new regulations based on the ISSB's Standards.
European Union
19Member states' representatives (Coreper) approved the Council's position on the ‘Stop the Clock proposals’ which would postpone entry into application of CSRD (for two years, for second and third wave-companies) and CSDDD (for one year, the transposition deadline and the 1st phase of the application covering the largest companies). Following this, the EU Parliament agreed to fast-track its vote to 3 April and voted to adopt the proposal without changes by landslide (531 MEPs for; 69 against; 17 abstaining). To enter into force, the draft law now requires formal approval by the Council.
20EFRAG has been asked by the European Commission to provide technical advice on simplifying the 1st set of ESRS under CSRD as part of its Omnibus simplification plans in a letter dated 27 March. This technical advice will be taken into account by the Commission when considering the proposed delegated act to amend the ESRS.
United States of America
21On 27 March, the Securities and Exchange Commission (SEC) voted to end its defence of the SEC's climate disclosure rules.
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 4 April 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 closed Published roadmap |
Both | 2025-2027 | Banks |
| African Union: Morocco | Publicly committed | - | - | - |
| African Union: Nigeria | Endorsed | Both | 2028-2030 | Listed & unlisted |
| African Union: Rwanda | Consultation closed | Both | 2025-2026 | Listed & unlisted |
| African Union: Tanzania | Endorsed | Both | 2025 | Listed & unlisted |
| African Union: Uganda | Endorsed | Both | 2026-2028 | Listed |
| African Union: Zambia | Endorsed | Both | 2025 | Listed |
| African Union: Zimbabwe | Publicly committed | - | - | - |
| Australia | Endorsed | 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 |
| Indonesia | Consultation closed | Both | 2027 | To be confirmed |
| Japan | Endorsed | Both | - | Listed |
| Mexico | Consultation closed | Both | 2026 | Listed and private |
| South Korea | Consultation closed | Both | 2026-2030 | Listed |
| Turkey | Endorsed | Both | 2024 | Regulated financial institutions & large companies |
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 4 April 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 | Endorsed | Both | 2026 | Listed |
| Costa Rica | Endorsed | Both | 2025-2026 | Listed & unlisted |
| Hong Kong | Endorsed | Both | 2025 | Listed |
| Jordan | Endorsed | Both: IFRS S1–voluntary FRS S2-Mandatory |
2027 | All entities listed in the ASE20 index |
| Malaysia | Endorsed | Both | 2025-2027 | Listed & large unlisted |
| Panama | Publicly committed | - | - | - |
| Pakistan | Endorsed | Both | 2025-2027 | Listed & unlisted public interest companies |
| Philippines | Consultation closed | Both | 2025 | Listed |
| Qatar | Consultation closed | Both | 2026 | Listed |
| Singapore | Endorsed | IFRS S2 only | 2025-2027 | Listed |
| Sri Lanka | Endorsed | Both | 2025 | To be confirmed |
| Switzerland | Consultation closed amending the Ordinance on Climate Disclosures | Both | 2026 | Listed & unlisted |
| Taiwan | Endorsed | Both | 2026-2028 | Listed |
| Thailand | Endorsed | Both | 2026-2030 | 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 4 April 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 |
| Russia | Unconfirmed | - | - | - |
| Saudi Arabia | Unconfirmed | - | - | - |
| South Africa | Unconfirmed | - | - | - |
| United States of America | California Corporate Climate Accountability Act (SB 253 and SB 261) - adopted | California: 2026 |
California: Listed & unlisted |
|
| New York Climate Corporate Data Accountability Act (SB 3456) - bill | New York: 2027 – 2028 |
New York: Listed & unlisted |
||
| Colorado Corporate Climate Accountability Act (House Bill 25-119) - bill | Colorado: 2028 – 2031 |
Colorado: 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.