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TAC Public Meeting November 2025 Paper 2: TAC Update November 2025
AGENDA PAPER 2
Executive summary
| Date | 11 November 2025 |
| Paper reference | TAC-Update-Nov-2025 |
| Project | Monitoring |
| Topic | November 2025 General Reporting Update |
Objective of the paper
This paper provides key updates since the update paper published for the October 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 29 October 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 October 2025 TAC meeting.
4HM Treasury and the Department for Business and Trade (DBT) announced a package of reforms under the Government's Regulation Action Plan on 22 October. The reforms aim to reduce bureaucracy, enhance regulatory transparency, and promote growth and investment by streamlining corporate reporting requirements. This includes reducing the number of companies required to produce strategic reports and removing the requirement to produce director's reports. The announcement also included confirmation of the Government's plan to expand its Modernisation of Corporate Reporting review.
International Sustainability Standards Board & other international body developments
5The following paragraphs provide a summary of updates from the International Sustainability Standards Board (ISSB) since the last update paper published for the October 2025 TAC meeting.
6The ISSB met on 28 October. The agenda covered the Biodiversity, Ecosystems and Ecosystems Services (BEES) and Human Capital research projects, and potential consequential amendments to the SASB Standards caused by the amendments to IFRS S2 which were finalised in their September meeting.
7The IFRS Sustainability Symposium took place on 30 October. The agenda included discussions on the strategic benefits of adopting the ISSB Standards, connectivity, the SASB Standards, Scope 3 Greenhouse Gas (GHG) emissions, nature-related disclosures, interoperability, human capital, sustainability assurance, and supporting investor decision-making.
8On 20 October, GHG Protocol launched a public consultation on draft revisions to its Scope 2 Guidance, originally published in 2015. Proposed revisions would update the location-based emissions factor hierarchy and introduce new feasibility measures and quality criteria for entities using the market-based method to calculate their Scope 2 emissions. The consultation is open until 19 December. You can watch a recording of a webinar outlining the consultation here.
9Global Reporting Initiative (GRI) and Carbon Disclosure Project (CDP) have released a mapping tool which maps the revised GRI climate and energy Standards (GRI 102 and 103 respectively) against the environmental datapoints in the CDP questionnaire.
10On 7 October, the International Organisation for Standardisation (ISO) has issued a new standard for assessing biodiversity-related dependencies, impacts, risks and opportunities; ISO 17298. Head of Sustainability and Partnerships, Noelia Garcia Nebra, comment that the lack of an international standard on biodiversity has “contributed to fragmented approaches and growing confusion”. The development of the new Standard was supported by the Taskforce on Nature-related Financial Disclosures (TNFD).
11Following the announcement of their strategic partnership last month, ISO and GHG Protocol have launched their first joint working group, which will develop a new product-level GHG accounting standard. The new standard will build on ISO 14067 on the carbon footprint of products and GHG Protocol's existing product life cycle accounting and reporting standard.
Jurisdictional developments
12The following paragraphs provide a summary of updates from other jurisdictions in relation to sustainability-related reporting since the last update paper published for the October 2025 TAC meeting.
Brazil
13Brazil's Ministry of Science, Technology and Innovation has signed a Technical Cooperation Agreement with CDP. This follows the announcement of their partnership to streamline ISSB reporting in September 2024, which established that CDP would provide IFRS S2-aligned climate data from 1,100 Brazilian companies to Brazil's regulator, the Comissão de Valores Mobiliários (CVM). The new agreement establishes the integration of environmental data from CDP's disclosure database into the Ministry's monitoring platforms, as well as establishing a framework for knowledge exchange, joint studies and coordinated efforts on climate disclosure.
European Union
14On 22 October, the European Parliament voted against a proposal which would have seen the final negotiations on the Omnibus begin later that week. A new vote will be held on 13 November, before which Members of the European Parliament (MEPs) will be able to table further amendments to the proposal.
15The European Commission's Directorate-General for Financial Stability, Financial Services and Capital Markets Union has issued a list of incoming regulations deemed “non-essential". These regulations will be deprioritised. The list includes the Delegated Acts on sector-specific European Sustainability Reporting Standards (ESRS), sustainability reporting standards for listed Small and Medium-sized Enterprises (SMEs), sustainability reporting standards for non-EU companies and on assurance of sustainability reporting.
16European Financial Reporting Advisory Group's (EFRAG's) Sustainability Reporting Board (SRB) met on 29 October and discussed their direction. It was noted that they are hoping to finalise and approve the EFRAG advice on the simplified ESRS by the end of November.
17A group of CEOs of French and German companies wrote to French President Emmanuel Macron and German Chancellor Friedrich Merz calling for the abolishment of the Corporate Sustainability Due Diligence Directive (CSDDD), according to a letter seen by Responsible Investor.
Malaysia
18The Malaysian Institute of Accountants (MIA) has approved the adoption of the International Standard on Sustainability Assurance (ISSA 5000) and the International Ethics Standards for Sustainability Assurance (IESSA).
19The Malaysian Advisory Committee on Sustainability Reporting (ACSR) has published two illustrative sustainability reports based on the ISSB Standards, one for the construction sector, and one for the plantation sector.
United States of America
20ExxonMobil has filed a lawsuit in California, challenging the state's climate-related disclosure laws – the California Corporate Climate Accountability Act (SB 253 and SB 261) on the grounds that the requirements breach the First Amendment. The filing states: ‘California [does not] have a valid interest in compelling speech to promote viewpoints and drive public opinion in a manner that it hopes will reduce greenhouse gas emissions that occur outside of its borders and beyond its regulatory authority’.
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 29 October 2025.
| Jurisdiction | Current status | Both IFRS S1 & IFRS S2? | Reporting commencing from | Companies in scope |
|---|---|---|---|---|
| African Union: Ghana | Endorsed | Both | 2027-2028 | Significant Public Interest Entities (Listed & unlisted) |
| African Union: Kenya | Endorsed and published roadmap | Both | 2025-2027 | Public Interest Entities; Non-Public Interest Entities (large entities); Small- to Medium-Sized Entities |
| African Union: Morocco | Publicly committed | - | - | - |
| African Union: Nigeria | Endorsed and published roadmap | Both | 2028-2030 | Public Interest Entities; Small- to Medium-Sized Entities |
| African Union: Rwanda | Endorsed and published roadmap | 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 | Currently voluntary |
| China | Consultation on Climate ED closed | Both (but uses a double materiality approach) | 2026-2030 | Listed & unlisted |
| India | Consultation closed | IFRS S2 only | 2025-2029 | Banking & finance |
| Indonesia | Endorsed | Both | 2027 | To be confirmed |
| Japan | Endorsed | Both | - | Listed |
| Mexico | Endorsed | 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 (countries and regional bodies) summary as at 29 October 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 | 2026 | 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 Standards as at 29 October 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 ESRS 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. Note that this is subject to change as EFRAG finalises amendments to its standards arising from the simplification project.