Hong Kong will develop roadmap for adoption of the ISSB standards
25 Oct 2023
The Hong Kong Special Administrative Region (HKSAR) Chief Executive has stated in his October 2023 Policy Address that the Financial Services and the Treasury Bureau (FSTB) will ‘work with relevant financial regulators and stakeholders to develop a roadmap on the appropriate adoption of the IFRS Sustainability Disclosure Standards for Hong Kong’s financial services to align with international standards’.
Please click to access the Policy Address on the HKSAR website.
Note: In accordance with this directive, the Hong Kong Institute of Certified Public Accountants (HKICPA) has subsequently assumed the role of the sustainability disclosures standard-setter for the accountancy profession in Hong Kong. An alert published on 5 March 2024 sets out how the HKICPA is working together with various organisations to develop a work plan for the development of Hong Kong sustainability disclosure standards.
As a next step, the HKICPA and relevant regulators will conduct meetings with selected entities to obtain substantive and specific evidence on the challenges they expect to encounter in applying certain ISSB requirements. In addition, the HKICPA plans to establish a dedicated platform for local stakeholders to submit implementation questions regarding IFRS S1 and IFRS S2.
