UKEB publishes its final comment letter on ISSB Exposure Drafts IFRS S1 and IFRS S2

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04 Aug 2022

The UK Endorsement Board (UKEB) has published its final comment letter relating to the International Sustainability Standards Board (ISSB) Exposure Drafts (EDs): S1 General Requirements for Disclosure of Sustainability-related Financial Information (IFRS S1) and S2 Climate Related Disclosures (IFRS S2).

In March 2022, the ISSB issued two EDs, IFRS S1 (ED/2022/S1) and IFRS S2 (ED/2022/S2).  The UKEB welcomes the exposure drafts and supports the need for a general requirements framework for sustainability-related information.  It also highlights strong stakeholder support for the alignment of IFRS S2 exposure draft with the Task Force on Climate-related Financial Disclosures (TCFD) Recommendations.

It acknowledges many areas of alignment with the International Accounting Standard Board’s (IASB's) Conceptual Framework for Financial Reporting, IAS 1 Presentation of Financial Statements and IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors, and believes this will improve connectivity with the financial reports and help stakeholders to better understand the information presented.

The letter also makes several recommendations in relation to the proposed approach.

The final comment letter and a Feedback Statement are available on the UKEB website.

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