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TAC Public Meeting May 2025 Paper 2: TAC Update May 2025
Executive summary
| Category | Details |
|---|---|
| Date | 13 May 2025 |
| Paper reference | TAC-Update-May-2025 |
| Project | Monitoring |
| Topic | May 2025 General Reporting Update |
Objective of the paper
This paper provides key updates since the update paper published for the April 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 1 May 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 paragraph provides a summary of updates from the UK in relation to sustainability-related reporting since the last update paper published for the April 2025 TAC meeting.
4HM Treasury has published a Best Practice Guide: Climate, Environmental and Sustainability Reporting which sets out examples of best practice TCFD-aligned climate-related disclosures in UK government departments’ 2023-24 annual reports.
International Sustainability Standards Board developments
5The following paragraphs provide a summary of updates from the International Sustainability Standards Board (ISSB) since the last update paper published for the April 2025 TAC meeting.
6On 23 April, the ISSB published an Exposure Draft, Amendments to Greenhouse Gas Emissions Disclosures, which proposes amendments to IFRS S2. The ISSB is open to comments on the Exposure Draft until 27 June. There are four proposed amendments, which relate in turn to: the measurement and disclosure of financed emissions; the use of the Global Industry Classification Standard; jurisdictional alternatives to the Greenhouse Gas Protocol; and jurisdictional alternatives to the Intergovernmental Panel on Climate Change’s global warming potential values. As of 1 May, two comment letters have been submitted thus far.
7The IFRS Foundation and the Taskforce on Nature-related Financial Disclosures (TNFD) have signed a Memorandum of Understanding (MoU). This signals the IFRS Foundation’s commitment to building upon the TNFD recommendations within the ISSB’s work.
8On 24 April the ISSB hosted Episode 9 of its Perspectives on sustainability disclosure webinar series, titled 'Ramping up systems and processes for sustainability data'. The episode focused on how companies collect, manage, verify and disclose sustainability-related financial information.
9The ISSB has published its monthly Update and podcast summarising its April 2025 meeting. The podcast also covers the ISSB’s Roadmap Development Tool and the Integrated Thinking and Reporting Conference in Tokyo.
10The Inter-American Development Bank (IDB) and the IFRS Foundation have signed a MoU to promote the adoption of the IFRS Sustainability Disclosure Standards across Latin America and the Caribbean.
11A summary of the Global Preparers Forum held on 28 March is now available. The ISSB’s update included a recap on educational material, an update on research project progress, and an update regarding the SASB Standards enhancement.
12The ISSB, as well as the European Financial Reporting Advisory Group (EFRAG), the Global Reporting Initiative (GRI), the Carbon Disclosure Project (CDP) and the Science Based Targets initiative (SBTi) have been appointed as observing entities on the GHG Protocol’s Independent Standards Board with the goal of enabling alignment between the bodies.
Jurisdictional developments
13The following paragraphs provide a summary of updates from other jurisdictions in relation to sustainability-related reporting since the last update paper published for the April 2025 TAC meeting.
14Appendix 1 contains the summary tables of the different jurisdictional decisions relating to the IFRS Sustainability Disclosure Standards. The tables have been updated since the April 2025 TAC meeting to reflect the most recent developments.
Australia
15On 29 April, the Australian Accounting Standards Board proposed amendments to its climate disclosure standard (AASB S2) which directly mirror the proposed amendments to IFRS S2 published by the ISSB the day before. A public consultation on the AASB’s proposed amendments is open until 2 June.
Canada
16On 24 April, the Canadian Securities Administrators (CSA) announced that it is “pausing its work on the development of a new mandatory climate-related disclosure rule”, to “support Canadian markets and issuers as they adapt to the recent developments in the US and globally”. The Chair of the CSA cited concerns with increased uncertainty and competitiveness. This comes after the Canadian Sustainability Standards Board (CSSB) issued ISSB-aligned sustainability reporting standards at the end of 2024.
European Union
17On 8 April, EFRAG launched a public call for input on the ESRS Set 1 Revisions; the proposed amendments to ESRS published on 26 February known as the Omnibus proposals. The deadline for feedback is 6 May. This follows a mandate from the European Commission (EC) to EFRAG to provide technical advice on the proposed amendments, which aim to simplify the existing ESRS. EFRAG approved a workplan to fulfil this mandate in a meeting on 25 April.
18On 16 April, the 'stop the clock' directive which will delay requirements to report under CSDDD and CSRD was published in the Official Journal of the EU. The directive then came into effect on 17 April 2025, with member states required to transpose the directive into national law by 31 December 2025. The effective date for CSDDD reporting will now be 2028, and the second and third waves of CSRD reporting will be required in 2027 and 2028 respectively.
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 1 May 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 | Endorsed | Both (but uses a double materiality approach) | 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 1 May 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 1 May 2025.
| Jurisdiction | Current status | Topics | Reporting commencing from | Companies in scope |
|---|---|---|---|---|
| Argentina | Unconfirmed | - | - | - |
| European Union (EU)*1 | 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 |
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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. ↩