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TAC Public Meeting March 2026 Paper 2: March General Reporting Update
Executive summary
| Date | 24 March 2026 |
| Paper reference | TAC-Update-March-2026 |
| Project | Monitoring |
| Topic | March 2026 General Reporting Update |
Objective of the paper
This paper provides key updates since the update paper published for the February 2026 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 12 March 2026 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 February 2026 TAC meeting.
4On 25 February 2026, the UK Government published the UK Sustainability Reporting Standards, UK SRS S1 and UK SRS S2, for voluntary use. The Standards, which are aligned with IFRS S1 and IFRS S2 respectively, are currently under consultation for introduction into the listing rules by the Financial Conduct Authority. The consultation closes on 20 March 2026. The UK Government will consider their implementation under the Companies Act in due course as part of a broader upcoming review of corporate reporting.
International Sustainability Standards Board & other international body developments
5The following paragraphs provide a summary of updates from the ISSB since the last update paper published for the February 2026 TAC meeting.
6The ISSB met on the 25-26 February. They discussed the Biodiversity, Ecosystems and Ecosystems Services project, which they agreed to rename to ‘nature-related disclosures project’ as it moves from research to standard-setting. They agreed on essential terms and concepts for definition and description, and discussed the nexus between climate- and nature-related risks and opportunities. They also discussed Phase 1 of the project to enhance the SASB Standards, including a summary of stakeholder feedback and proposed amendments following the first consultation, and the exposure drafts for the second part of Phase 1. A summary Update is available.
7A Jurisdictional Readiness Assessment Guide and tool has been released, which allows jurisdictions to assess how prepared their markets may be for the adoption of ISSB Standards.
8The latest episode of the ISSB podcast covers the publication of the Guide and tool, and update on open jurisdictional consultations, and a summary of the most recent ISSB Investor Advisory Group meeting.
9GRI have published a guide to reporting nature-related information to support its Standard, GRI 101, which came into effect as of 1 January 2026.
10The Taskforce on Nature-related Financial Disclosures (TNFD) has published draft guidance for the alternative fuels sector for consultation, open until 5 May 2026.
Jurisdictional developments
11The following paragraphs provide a summary of updates from other jurisdictions in relation to sustainability-related reporting since the last update paper published for the February 2026 TAC meeting.
Ethiopia
12The Accounting and Auditing Board of Ethiopia have published a draft IFRS Sustainability Disclosure Standards Adoption Roadmap for consultation, which is open until 25 March. The roadmap presents a phased approach beginning with climate-related disclosures aligned with IFRS S2 before implementing disclosures aligned with IFRS S1 three years later. Reporting for the first set of select large entities will begin in 2026.
European Union
13The European Commission has requested the Committee of European Auditing Oversight Bodies (CEAOB) develop technical advice relating to EU sustainability assurance standards, by the end of September. The CEAOB will assess ISSA 5000 for EU use. Under the Corporate Sustainability Reporting Directive (CSRD), the Commission is required to adopt a Delegated Act for limited assurance Standards by 1 July 2027.
14The European Central Bank has published an opinion on the revised European Sustainability Reporting Standards (ESRS) which identifies “critical points for improvement” to preserve the policy’s objectives. These include removing permanent reliefs and exemptions, improving interoperability with other standards, and introducing further clarification for the financial sector.
Indonesia
15The Financial Services Authority (OJK) have proposed draft Standards, PSPK 1 and PSPK 2, for adoption. A consultation on adoption ran from 12 February to 13 March. PSPK 1 and PSPK 2, aligned to IFRS S1 and IFRS S2 respectively, were initially published by the Institute of Indonesian Chartered Accountants in July 2025. The OJK have proposed to begin reporting from 2027, starting with listed companies and large banks, under a phased approach with other entities starting to report in 2028 and 2029. Independent assurance would be required.
South Korea
16The Financial Services Commission have published a Disclosure Roadmap for consultation, open until 31 March. The roadmap presents the journey to adopting KSSB 1 and KSSB 2, which are aligned to IFRS S1 and IFRS S2, in a phased approach beginning with large-listed companies, who will complete mandatory reporting from 2028.
United States
17The California Air Resources Board (CARB) have approved two climate-related disclosure laws, the Climate Corporate Data Accountability Act (SB 253), and the Climate-Related Financial Risk Act (SB 261). SB 253 will make greenhouse gas emissions disclosures mandatory for US companies based in California with over $1bn in revenue, starting with disclosing Scope 1 and 2 in 2026, followed by Scope 3 in 2027. SB 261 will make disclosing climate-related financial risk mandatory for US companies based in California with over $500m in revenue, but enforcement is on hold due to ongoing litigation.
Zimbabwe
18The Public Accountants and Auditors Board (PAAB) of Zimbabwe published a Roadmap for Adoption for Sustainability Reporting for consultation. The consultation ran from 10 February until 18 March. The roadmap presents a journey to mandatory compliance with IFRS S1 and IFRS S2 in phases based on categorisation of entities. The earliest adopters beginning reporting from 2026 and following the reliefs as set out in the Standards, therefore leading to full compliance from 2029. For this first wave, it also lays out requirements for limited assurance from 2028, and reasonable assurance from 2030. The earliest adopters will consist of listed companies, banks and building societies, State Owned Enterprises, and High Environmental Impact Entities.
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 9 March 2026.
| Jurisdiction | Current status | Both IFRS S1 & IFRS S2? | Reporting commencing from | Companies in scope |
|---|---|---|---|---|
| African Union: Ethiopia | Consultation on roadmap open | Both | 2026-2029 | Listed & unlisted |
| 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 | Consultation closed | Both | 2026-2027 | Listed & unlisted |
| Australia | Endorsed | Both: IFRS S1-voluntary IFRS S2 -mandatory | 2025 | Listed & unlisted |
| Brazil | Endorsed | Both | 2026 | Listed |
| Canada | Endorsed | Both | 2025 | Currently voluntary |
| China | Endorsed | Both | 2026-2027 | Listed & unlisted |
| India | Consultation closed | IFRS S2 only | 2025-2029 | Banking & finance |
| Indonesia | Consultation closed | Both | 2027-2029 | Listed & unlisted |
| Japan | Endorsed | Both | - | Listed |
| Mexico | Endorsed | Both | 2026 | Listed & unlisted |
| South Korea | Consultation on roadmap open | Both | 2028-2029 | 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 9 March 2026.
| 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 | Endorsed | Both | 2026 | Financial institutions regulated by the Qatar Central Bank |
| 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 9 March 2026.
| 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 the European Commission is due to adopt simplified ESRS mid-2026. These simplified ESRS with reduced disclosure are those submitted in EFRAG’s technical advice to the Commission in December 2025.