The SCC has four permanent member organisations ― the International Monetary Fund, the Organisation for Economic Co-operation and Development (OECD), the United Nations and the World Bank. Alongside these permanent organisations, seven additional expert members have been appointed.

Review the press release and the full list of member organizations on the IFRS Foundation's website.

The Board specifically discussed three key practical issues of proportionality and implementation to be considered:

• ensuring the proposed standards can truly serve as an effective global baseline under either a voluntary or mandatory regime, including by considering how to provide for the scaling and phasing-in of requirements to accommodate issuers with differing degrees of maturity in sustainability reporting;
• how the ISSB can best assist implementation by clarifying definitions and providing additional guidance and examples where necessary;
• how and when to incorporate the proposed industry-based disclosure data points, recognizing on the one hand that industry-specificity is highly valued by investors, while on the other that some data points may initially be challenging for some issuers.

The statement on the IOSCO website notes that the due process for potential endorsement will begin after the ISSB has issued its final standards. It also states that IOSCO has begun work in collaboration with the international standard setters for audit and assurance to promote a common global approach to independent and high-quality assurance of issuers’ sustainability disclosures.

Review the full statement on the IOSCO's website.

The statement released on the IOSCO website notes:

In particular, IOSCO welcomes the Boards’ plans to work towards high-quality, global assurance and ethics (including independence) standards that are profession-agnostic and can support limited, and ultimately, reasonable assurance of sustainability-related information. This work will serve to support the consistency, comparability and reliability of sustainability-related information provided to the market, enhancing trust in the quality of that information.

IOSCO also welcomes the dialogue that the IAASB and the IESBA have opened with the International Sustainability Standards Board (ISSB). IOSCO encourages continued close engagement as the standard-setters advance their respective work programmes to foster compatibility between international financial reporting, sustainability reporting, and assurance standards.

Review the full statement on the IOSCO's website.

The guidance and reliefs are designed to help companies embed and improve their processes for measurement and disclosure of Scope 3 GHG emissions.

Review the press release on the ISSB's website.

Details on the new Partnership Framework, which is designed to support preparers, investors and other capital market stakeholders as they prepare to use IFRS Sustainability Disclosure Standards, are already available on the IFRS Foundation website, including a timeline for the five-year, three-phase effort.

The announcement that CDP and the ISSB have agreed that CDP will incorporate the IFRS S2 requirements into its disclosure platform means that CDP’s 17,000+ voluntary users will disclose data structured to IFRS S2 in the 2024 disclosure cycle as a step towards delivering a global baseline for capital markets through the adoption of ISSB standards.

Review the following addtional information:

• ISSB at COP27
• ISSB makes key announcements towards the implementation of climate-related disclosure standards in 2023

At the supplementary board meeting held on November 1, 2022, the ISSB voted to confirm that companies are required to use climate-related scenario analysis to report on climate resilience and to identify climate-related risks and opportunities to support their disclosures. 

The ISSB also agreed to provide application support to preparers including making use of materials developed by the Task Force for Climate-Related Financial Disclosures (TCFD) to provide guidance to preparers on how to undertake scenario analysis. This decision responds to questions from stakeholders about what is meant by the term "climate-related scenario analysis".

Review the press release on the IASB's website.

Review the press release on the ISSB's website.

During the meeting, the ISSB confirmed:

• a requirement to consider SASB Standards
• CDSB materials serve as a useful reference
• discussions about allowing ESRS and GRI Standards to be referenced in the absence of directly applicable ISSB Standards

Review the press release on the ISSB's website.

The ISSB also made decisions related to the proposed General Requirements Standard, interoperability with jurisdictional requirements, and future agenda priorities.

Review the press release on the IFRS Foundation’s website.

The Beijing office is expected to open in mid-2023. Staff of the office will focus on leading and executing the ISSB’s strategy for emerging and de­vel­op­ing economies and act as a hub for stake­holder en­gage­ment in Asia.

For ad­di­tional in­for­ma­tion see the press release on the IFRS Foun­da­tion’s website.