IFRS Foundation and GRI aim to deliver full interoperability between ISSB and GRI standards
24 May, 2024
The IFRS Foundation and the Global Reporting Initiative (GRI) have announced that they will work together to optimise how ISSB and GRI standards can be used together to facilitate reporting on an entity's impacts, risks and opportunities, including risks that arise from the entity's impacts.
This follows a Memorandum of Understanding (MoU) between the IFRS Foundation and GRI that was signed in March 2022. The MoU stated that the International Sustainability Standards Board (ISSB) and the Global Sustainability Standards Board (GSSB) will seek to coordinate their work programmes and standard-setting activities.
As part of the deepened relationship, the ISSB and the GSSB have committed to jointly identify and align common disclosures that address information needs under the scopes and purposes of both sets of standards. An initial outcome of the collaboration will involve a methodology pilot building on GRI 101: Biodiversity 2024, published in January 2024, and the ISSB’s upcoming project on biodiversity, ecosystems and ecosystem services.
The ISSB and the GSSB will continue to make decisions separately in accordance with their established standard-setting due processes, including public consultation in respect of any proposed amendments to their respective standards.
For more information, please see the press release on the IFRS Foundation website.
