ISSB: IFRS Sustainability Disclosure Taxonomy [ED]
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Comment period ended on September 30, 2022 |
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Next steps: |
Discussion of the proposed taxonomy feedback is expected in December 2023 |
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Last updated: |
November 2023 |
Overview
On May 25, 2022, the staff issued a request for feedback to inform the future development of the IFRS Sustainability Disclosure Taxonomy for digital reporting.
Reflecting the ISSB’s desire to develop a digital reporting strategy from the start, the staff is publishing the staff request for feedback to obtain feedback that will inform the development of a future proposed IFRS Sustainability Disclosure Taxonomy. The proposed Taxonomy will be formally consulted on in accordance with the IFRS Foundation’s due process. The aim is to publish the proposed Taxonomy for public consultation shortly after the ISSB issues its standards.
The ISSB’s plan responds to stakeholders commenting on the importance of considering digital consumption of sustainability disclosures from the outset, including the development of a taxonomy in parallel with the development of IFRS Sustainability Disclosure Standards.
In the same way the ISSB’s proposed standards incorporate and build on other organizations’ work, the staff draft builds on the SASB taxonomy.
A taxonomy enables companies to make their financial reports machine-readable, which in turn makes it easier for investors and others to digitally access, extract and compare the information they are interested in. It is not to be confused with taxonomies developed by jurisdictions to classify economic activities as environmentally sustainable.
The IFRS Sustainability Disclosure Taxonomy would be the counterpart to the IFRS Accounting Taxonomy developed to enable digital consumption of information provided by companies applying IFRS Accounting Standards issued by the International Accounting Standards Board.
Responses to the staff request for feedback are due by September 30, 2022 and can be provided by filling in an online form or by sending a comment letter.
Other developments
January 2023
On January 30, 2023, the IASB staff updated the work plan to indicate that the ISSB plans to issue the Taxonomy in the second half of 2023.
September 2022
On September 26, 2022, the staff updated the work plan to indicate that the staff plans to review the feedback to its request in November 2022.
May 2022
On May 25, 2022, the staff issued a request for feedback to inform the future development of the IFRS Sustainability Disclosure Taxonomy for digital reporting.
