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TAC Public Meeting June 2026 Paper 2: June General Reporting Update
Executive summary
| Header | Value |
|---|---|
| Date | 16 June 2026 |
| Paper reference | TAC-Update-June-2026 |
| Project | Monitoring |
| Topic | June 2026 General Reporting Update |
Objective of the paper
This paper provides key updates since the update paper published for the May 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 1 June 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.
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.
International Sustainability Standards Board & other international body developments
3The following paragraphs provide a summary of updates from the ISSB since the last update paper published for the May 2026 TAC meeting.
4On 11 May, ISSB Chair Emmanuel Faber gave a speech at the International Sustainability Conference held in Beijing. The speech focused on the ISSB's passporting initiative, which would allow follow entities operating within foreign jurisdictions to report under the ISSB Standards as issued by the ISSB. He further commented on using the ISSB Standards as a passport in foreign jurisdictions in a speech at the 2026 Frankfurt Sustainability Standards Conference on 18 May.
5The ISSB met on 13 May and discussed nature-related scenario analysis, the identification of nature-related risks and opportunities, and feedback summaries related to the Extractives & Minerals Processing SASB Standard and the Processed Foods SASB Standard. They have published an Update summarising the meeting, and a podcast episode which covers the meeting as well as recent engagements by the ISSB in China, Australia and Switzerland.
6The ISSB and the Global Reporting Initiative (GRI) have issued a statement re-affirming their commitment to working together to align their standards, following their initial collaboration announced in 2022.
7The IFRS Foundation have revised the Due Process Handbook for the IASB and ISSB's standard-setting activities. The Handbook has been updated predominantly to reflect the creation of the ISSB. Small revisions have been made to the sections referring to post-implementation reviews, the role of the IFRS Interpretations Committee, the process for consulting on minor improvements, and the review process for educational materials.
866 organisations involved in carbon accounting have signed an open letter to the Greenhouse Gas Protocol (GHGP), asking them to introduce more flexibility to their proposed revisions to their Scope 2 guidance, specifically by making hourly matching and deliverability requirements optional.
9A group of NGOs and IGOs have established an informal Nature in Transition Planning Network to share learnings on nature-related transition plans. The group has been co-ordinated by the World Wide Fund for Nature (WWF) and CDP, and includes the World Economic Forum (WEF), Taskforce for Nature-related Disclosures (TNFD), and the World Benchmarking Alliance (WBA) among others, and will be observed by representatives from the UK Government's Department for Environment, Food & Rural Affairs.
10The Science Based Targets Initiative (SBTi) has published its 2026-2030 strategy.
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 May 2026 TAC meeting.
Australia
12The Australian Securities & Investments Commission (ASIC) has published observations on the first year of mandatory reporting under AASB S2, Australia's climate-related disclosures standard aligned to IFRS S2. Overall, it found “an increase in the quantity and quality of climate-related financial information in the market".
European Union
13The European Commission published draft simplified versions of the European Sustainability Reporting Standards (ESRS) for consultation. The simplifications address matters of materiality (for example, introducing a clear definition of the "informed assessment” entities are expected to undertake), fair presentation (that this applies to the overall sustainability statement rather than individual datapoints), and GHG emissions (allowing entities to use either a financial control or operational control approach), among others. The consultation closed on 3 June 2026.
14The European Commission also published the draft EU voluntary sustainability reporting standard for SMEs (VSME) for consultation. VSME will be available for companies which fall outside of the scope of CSRD and will also establish that large companies cannot request sustainability data from entities in their value chain with less than 1,000 employees. The consultation closed on 3 June 2026.
United States of America
15The US Securities and Exchange Commission (SEC) has requested that the White House Office of Information and Regulatory Affairs formally rescind the climate-related disclosure rules which were adopted in 2024 but has never come into effect due to ongoing legal challenges.
Brazil
16The Securities and Exchange Commission of Brazil (CVM) has issued a resolution (CVM Resolution 244) removing the mandatory requirement for listed companies to report under Brazilian aligned ISSB standards. The CVM had previously announced that mandatory reporting would beginning for the fiscal year starting on or after 1 January 2026. However, the announcement made on 29 May 2026 creates a 'comply-or-explain' system whereby a company could choose not to disclose sustainability information but is required to justify that decision through a market announcement.
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 June 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: AASB S1-voluntary AASB 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 1 June 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 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 1 June 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) – consultation closed Voluntary SME Standard (VSME) – consultation closed | 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 and have just undergone consultation.
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.