General requirements
Background
In November 2021, the IFRS Foundation announced the creation of its new International Sustainability Standards Board (ISSB) tasked with developing a comprehensive global baseline of high-quality sustainability disclosure standards to meet investors’ information needs.
In order to facilitate a running start of the ISSB, a Technical Readiness Working Group (TRWG) had been created in March 2021. Concomitantly with the announcement of the formation of the ISSB, the TRWG published a General requirements for disclosure of sustainability-related financial information prototype.
In an additional meeting in March 2022, the Due Process Oversight Committee (DPOC) confirmed that it does not object to the ISSB Chair and Vice-Chair publishing the exposure draft General Requirements for Disclosure of Sustainability-Related Financial Information that builds on the TRWG prototype before the ISSB is quorate.
The general requirements for disclosure of sustainability-related financial information prototype was inspired by IAS 1 Presentation of Financial Statements and set out the overall requirements for sustainability-related disclosures to investors.
The main proposals in ED/2022/S1 General Requirements for Disclosure of Sustainability-Related Financial Information generally reflect the proposals in the prototype with some changed titles and strengthened definitions and some changes to the order of proposals.
Current status of the project
This project has been completed. The ISSB issued IFRS S1 General Requirements for Disclosure of Sustainability-Related Financial Information on 26 June 2023.
Project milestones
| Date | Development | Comments |
|---|---|---|
| March 2021 | Technical Readiness Working Group (TRWG) created | |
| November 2021 | General requirements for disclosure of sustainability-related financial information prototype published | |
| 31 March 2022 | ED/2022/S1 General Requirements for Disclosure of Sustainability-Related Financial Information published |
Comments requested by 29 July 2022 |
| 26 June 2023 | IFRS S1 General Requirements for Disclosure of Sustainability-Related Financial Information published | Applies to annual reporting periods beginning on or after 1 January 2024 |
