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TAC Public Meeting May 2026 Paper 2: May General Reporting Update
Executive summary
| Date | 19 May 2026 |
|---|---|
| Paper reference | TAC-Update-May-2026 |
| Project | Monitoring |
| Topic | May 2026 General Reporting Update |
Objective of the paper
This paper provides key updates since the update paper published for the April 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 6 May 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 paragraph provide a summary of updates from the UK in relation to sustainability-related reporting since the last update paper published for the April 2026 TAC meeting.
4A group of investors have written to the Financial Reporting Council (FRC) to request a review of HSBC's 2025 financial statements in regard to its disclosure of material climate risks.
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 April 2026 TAC meeting.
6The ISSB met on 22 April. During this meeting they discussed the form that standard-setting on nature-related disclosures would take, and voted for an IFRS Practice Statement. This decision was made on the grounds that IFRS S1 already requires companies to provide all material information about any sustainability-related risks and opportunities, including those that are nature-related. A Practice Statement will provide further explanation on how to comply with IFRS S1 in regards to nature-related information. This decision has received mixed response including some criticism, for example from the Nature Positive Initiative (NPI), which released a statement calling the approach “disappointing”.
7Other discussions at the ISSB's April meeting regarding the nature project covered location-specific information, and engagement with Indigenous Peoples and local communities. An Update summarising the April meeting is now available.
8The ISSB released the April episode of their podcast, which covers recent meetings with multilateral development banks, the IFRS Advisory Council, and stakeholders from the insurance sector, as well as updates regarding the nature project and the SASB enhancement project.
9The ISSB have published a resource which presents responses to implementation questions reported to the Transition Implementation Group (TIG), which were not the subject of a specific TIG paper. These questions were not covered in TIG papers because they can be answered by applying the words in IFRS S1 and IFRS S2, but the resource points to the relevant wording.
10The papers for the ISSB's meeting on 13 May are available. Papers for the nature project cover scenario analysis, and the identification of nature-related risks and opportunities. Papers for the SASB enhancement project cover feedback on the Extractives & Minerals Processing sector and the Processed Foods industry Exposure Drafts published in June 2025.
11The papers for the ISSB's Sustainability Standards Advisory Forum (SSAF) meeting on 19 May are available. The agenda covers updates on educational materials and capacity building activities supporting the implementation of IFRS S1 and IFRS S2, updates on the GHG Protocol, the project to enhance the SASB Standards, and the nature-related disclosures project.
12The Taskforce on Nature-related Financial Disclosures (TNFD), Global Reporting Initiative (GRI) and the Science Based Targets Network (SBTN) have published a joint discussion paper for consultation, on proposals for integrating the NPI's state of nature metrics into their respective frameworks, standards and guidance. The consultation is open until 4 June 2026.
13TNFD has published a new case study for the fishing industry, providing examples of how to collect data and report on nature-related metrics, and how investors use this information.
Jurisdictional developments
14The 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 2026 TAC meeting.
European Union (EU)
15The European Financial Reporting Advisory Group (EFRAG) has submitted its 2026 work programme for sustainability reporting to the European Commission. Its key priorities include developing reporting standards for non-EU companies.
16The European Commission has opened consultation on draft simplified versions of the European Sustainability Reporting Standards (ESRS). Some of the simplifications made include: clarifying matters of materiality, for example that reporting is not expected to meet every user's individual needs; clarifying that the principle of fair presentation applies to the overall report rather than to each datapoint individually; clarifying levels of aggregation/disaggregation; allowing for the omission of certain information, for example if it could be prejudicial to the entity's commercial position; allowing companies to use either a financial control or operational control approach when reporting Greenhouse Gas Emissions; and requiring entities whose transition plans are not compatible with the 1.5C warming target to be transparent about this. The consultation is open until 3 June.
17In these proposed updates, the European Commission has not endorsed measures which would have allowed for simultaneous compliance with both the ESRS and ISSB frameworks.
Canada
18The Canadian government has announced the launch of an Expert Taskforce on Natural Capital Accounting and Nature Financing. The Taskforce will explore how to account for the value of nature and how to integrate this information into decision-making.
Switzerland
19The Federal Council of Switzerland has opened a consultation on draft corporate sustainability law. Under the proposals, companies with over 1,000 employees and over 450 million CHF turnover will have to report using ESRS or equivalent standards – though these are not named. Companies with over 5,000 employees and over 1.5 billion CHF turnover will also need to comply with human rights and environmental due diligence requirements, which should cover Switzerland's largest 30 companies. The consultation is open until 9 July.
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 6 May 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 |
| Türkiye | 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 6 May 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 open | Both (but also requires impact materiality to be addressed) | 2026 | Listed & unlisted |
| Taiwan | Endorsed | Both | 2026-2028 | Listed |
| Thailand | Endorsed | Both | 2026-2030 | Listed |
*The draft corporate sustainability law currently under consultation in Switzerland specifies that large companies will have to report under ESRS or an equivalent standard. It does not specify what standards will be considered equivalent. As of June 2025, the ISSB considered Switzerland as a jurisdiction in the process of adopting the IFRS Sustainability Disclosure Standards.
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 6 May 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.