FRC outlines its preliminary thoughts on sustainability standards
11 Feb, 2022
The Financial Reporting Council (FRC) has outlined its preliminary thoughts to the International Sustainability Standards Board (ISSB) on the prototypes published by the Technical Readiness Working Group to support the development of International Sustainability Standards.
The FRC 'strongly supports' the development of global standards for sustainability reporting and the UK adoption of those standards.
The FRC recommends that, in developing the new standards, the ISSB
- provides stakeholders with an outline of the architecture of the standards;
- considers the four pillars of the Taskforce on Climate-related Financial Disclosures (TCFD) in the context of the overall standards; and
- discusses to what extent governance reporting will be in the scope of ISSB standards.
The FRC's full response is available on their website.
