International Sustainability Standards Setting

In November 2021, the International Financial Reporting Standards Foundation (IFRS Foundation) announced the establishment of the International Sustainability Standards Board (ISSB). Its remit is to develop sustainability reporting standards that meet the information needs of investors, covering a range of sustainability topics starting with climate change.

The FRC strongly supports the development of these global standards for sustainability reporting and the UK adoption of these standards. To inform UK company stakeholders of the developments in sustainability standard setting.

The FRC have published FAQs on International Sustainability Standards Setting.
 

Prototype standards

To support the rapid development of the standards, in 2021 the IFRS Foundation established a Technical Readiness Working Group (TRWG) comprising of representatives from TCFD, CDSB, IIRC, SASB and WEF. As part of their work programme, in November 2021 the TRWG published the General Requirements and Climate Prototype standards which outlined how future standards may develop.

In February 2022, the FRC outlined its preliminary thoughts to the prototypes released by the ISSB’s TRWG.

Read the FRC's full response 

 

Further resources

FRC responses to IFRS Foundation consultations:
 

• Sustainability Reporting
• Constitution review